Dogecoin, a dog-themed cryptocurrency, slipped below the $0.20 mark due to high volatility in the crypto market. Bitcoin and other digital assets also showed significant declines.
Market Impact
At the start of the week, the crypto market faced significant selling pressure, leading to over $1 billion in liquidations. This was driven by a lack of new themes and concerns over economic conditions.
Dogecoin Movement
In recent days, Dogecoin managed to reach $0.24 but then saw its price fall again due to market volatility. Despite temporary growth, by Tuesday, the price had dropped to $0.185, marking a decrease of over 12% in the last 24 hours.
Outlook and Plans
For Dogecoin to change its course, it would need to break the daily moving averages at $0.244. Support could be tested at $0.181 if the declines continue. Meanwhile, the crypto industry remains watchful of market developments.
The future of Dogecoin remains uncertain due to influential macroeconomic factors. However, efforts to develop the ecosystem may provide support.
