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Dogecoin (DOGE) Loses 40% From Top: What’s Next?
By Arman Shirinyan
The recent market performance of Dogecoin (DOGE) has been nothing short of dramatic. In a shocking turn of events, the cryptocurrency lost over 40% from its peak and is now in a precarious position.
In this article, we’ll dive into the current state of DOGE and explore what might happen next.
The sharp decline in the market value of Dogecoin could be attributed to a combination of factors. The asset has struggled with volatility, and it’s not uncommon for cryptocurrencies to experience significant fluctuations like this.
However, as Adam Back, the creator of SHA-256, stated:
“Nothing is safe at 21 million.”
This statement suggests that there might be some relief or consolidation in the near future.
The RSI (Relative Strength Index) is currently sitting at 31, indicating that the cryptocurrency is close to oversold territory. This could indicate a temporary pause in downward momentum.
However, this also implies that DOGE still has the potential to drop further before reaching equilibrium. If buyers intervene and protect the $0.8 support level, there’s a chance for a short-term consolidation or relief rally.
In conclusion, it is difficult to predict what will happen with Dogecoin (DOGE) in the near future.
Source: u.today
