Dog-themed cryptocurrency Dogecoin has seen a significant decline in value as the market faces selling pressure.
Dogecoin's Price Decline
At the time of writing, Dogecoin has lost over 15% of its value in the past two days. The cryptocurrency has fallen below the 200-day simple moving average at $0.24 for the first time since October 2024. This key technical level previously acted as a strong support for Dogecoin's prices.
State of the Crypto Market
The broader crypto market remains volatile, putting pressure on Dogecoin's prices. Bitcoin fell below $90,000, reaching its lowest value since mid-November. Other cryptocurrencies have also slumped, including Dogecoin. An index tracking major digital tokens is poised for its biggest four-day decline since early August.
Dogecoin's Prospects
Dogecoin has maintained its downward trend. Following a major shift in Monday's trading session, the cryptocurrency slipped below the daily SMA 200 at $0.24. Ali, a crypto analyst, highlights the importance of the $0.19 support. If Dogecoin drops below this level, the probability of a deeper correction toward $0.060 significantly increases.
Dogecoin continues to face pressure, but if it manages to reclaim the daily SMA 200 support, it may indicate that selling pressure is easing.
