The post Dogecoin May Face 25% Decline to $0.22 If Daily Close Falls Below $0.30 appeared on BitcoinEthereumNews.com.

Dogecoin (DOGE) faces a challenging outlook as technical indicators suggest a potential decline, attracting the attention of traders across the crypto market. The current market dynamics, primarily influenced by bearish trading sentiments, signal that a critical price threshold is at risk. According to a recent analysis from COINOTAG, “DOGE must hold above the $0.30 mark to avoid a significant plunge.” Discover the latest insights on Dogecoin’s pricing dynamics and market sentiment amid a potential downturn that could see a 25% decline to $0.22. Technical Analysis of Dogecoin’s Price Behavior Recent technical analysis indicates that Dogecoin is precariously positioned following a failure to maintain support at the $0.35 level. This has resulted in Dogecoin’s price consolidating in a narrower range, with market watchers eyeing the $0.30 mark as a critical threshold. A current review shows that if DOGE cannot sustain above this level and closes a daily candle below it, there is a significant risk of a further drop, potentially reaching the $0.22 level. This potential 25% decline raises alarms among investors who are closely monitoring market conditions. Source: TradingView On-Chain Metrics and Market Sentiment for DOGE The on-chain metrics present further evidence of the prevailing bearish sentiment surrounding Dogecoin. As reported by Coinglass, the Long/Short Ratio for DOGE has dipped to 0.71, reflecting a prevalent bearish outlook among traders. Source: Coinglass This trend, coupled with a substantial percentage of DOGE traders—currently at 58.3%—holding short positions, underscores the sentiment that a downturn is imminent. However, it’s noteworthy that long-term holders are opting to accumulate during this price dip, creating potential buying opportunities. Current Market Momentum and Future Outlook As of now, Dogecoin trades around $0.315 after experiencing a notable decline of over 6.89% in the last 24 hours. This negative price action has seen a reduced trading volume of 13%, suggesting…

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Filed under: News - @ December 26, 2024 10:17 pm