Dogecoin Disaster Looms – Traders Brace for a Drop to $0.20
The post Dogecoin Disaster Looms – Traders Brace for a Drop to $0.20 appeared on BitcoinEthereumNews.com.
Dogecoin (DOGE) is again at the center of market turbulence, with its price declining to $0.23 after an 8.55% drop over the past week. As bearish momentum builds, traders are closely watching the psychological support level at $0.20. Despite its status as the original meme coin, Dogecoin is struggling to regain bullish traction, with multiple technical indicators suggesting further downside. Bearish Sentiment Grows as DOGE Struggles Dogecoin’s recent drop is part of a broader sell-off within the cryptocurrency market and especially the meme coin sector. Coinglass statistics indicate that the long-to-short ratio is under one, indicating that more traders are anticipating Dogecoin’s price to fall lower than to return upward. This shift in sentiment has made fears more profound that DOGE might be on its way to test the $0.20 level in the near future, a pivotal support that, if violated, would cause a steeper correction. Dogecoin is declining to November 2024 lows amid market volatility, regulatory concerns, and broader crypto downturns. Source: FatRatKiller via X Adding to the bearishness, Dogecoin has been recently unable to overcome the $0.27 resistance level. Its inability to do so has served to further augment downward pressure, with technical experts warning that DOGE could continue to decline unless buyers step in with high volumes. Technical Indicators Point to Further Weakness The Relative Strength Index (RSI), one of the most important momentum indicators, is moving toward oversold levels. At near 32, the RSI indicates that bearish sentiment dominates any possible bullish rebound. Should this continue, Dogecoin may experience further downward pressure in the next few days. Dogecoin (DOGE) is expected to retest the critical support near $0.20. Source: SroshMayi on TradingView Meanwhile, technical analysts are referring to a potential “death cross” formation on Dogecoin’s chart, as the 23-day moving average is set to fall below…
Filed under: News - @ February 25, 2025 5:26 pm