Dogecoin Price: The cryptocurrency market continued its recent correction on March 19th, with Bitcoin falling below the $65K level, highlighting a broader downturn. Among the hardest hit were meme cryptocurrencies, which experienced significant sell-offs, leading to double-digit losses for well-known tokens like DOGE, PEPE, WIF, FLOKI, and BONK. 

Specifically, the Dogecoin price faced a 10.55% intraday loss, teasing a breakdown below the 50% Fibonacci retracement level to prolong the correction trend.

Also Read: Top 3 Crypto’s Creating Millionaires in 2024: Dogecoin, Shiba Inu and 1000x A. I Token Option2Trade

Will the DOGE Price Hit $0.12 Support?

Dogecoin Price| Tradingview

Dogecoin (DOGE), the largest memecoin by market cap, entered a new correction trend in February’s third week as the price reverted from $0.193. The overhead supply at $0.2 coupled with the broader market correction tumbled, this memecoin 31% within a week to currently trade at $0.132.

Dogecoin saw its market capitalization decrease to $18.9 billion following a 10% loss within the day. Nonetheless, it remains the 10th largest cryptocurrency, as ranked by CoinMarketCap.

Amid this downfall, the DOGE price breached the 50% Fibonacci retracement level at $0.14, positioning the asset for further downfall. Losing this support is a sign of weakening bearish conviction and increasing dominance of sellers.

The post-breakdown fall may bolster bears to chase potential support levels at $0.123, followed by $0.106.

Also Read: Dogecoin Price Prediction: Here’s Why Traders Want To Buy DOGE At $0.13

Will the Dogecoin Price Rebound?

If the coin price managed to rebound from the aforementioned support, the buyers would get an opportunity to counter-attack and reclaim the lost ground. However, the potential reversal must breach a downsloping resistance trendline(marked in black) to gain a better confirmation of recovery.

The post-breakout rally may bolster buyers to rechallenge the last high of $0.206.

Technical Indicator

Exponential Moving Average: The 50-day EMA slope enhances the support strength of the $0.123 demand zone.
DMI: The DI+(blue) and DI-(orange) lines nearing a bearish crossover could intensify the bearish momentum in the market. Moreover, the falling ADX slope reflects the last recovery rally that pushed the DOGE price to the overbought region.

The post Here’s How Dogecoin Price May Navigate Losing 50% Retracement Level appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am