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Dogecoin (DOGE) Loses Crucial Price Support Amid 15% Drop, What’s Next?
The crypto market is still reeling from the aftermath of last week’s Bybit attack, and Dogecoin’s price action has been severely impacted. In a shocking turn of events, DOGE lost its crucial support level amid a drastic 15% drop in value.
As shown on the DOGE/USD daily chart, the cryptocurrency fell below the daily SMA 200 at $0.24 on Monday’s trading session. The slide continued into Tuesday, with prices touching lows of $0.195. This development has sent shockwaves through the crypto community, sparking widespread concern among investors and analysts alike.
Analysts are now scrambling to predict what this downturn might mean for DOGE’s future trajectory. Ali, a well-known crypto analyst, has highlighted the importance of the $0.19 support level. According to his assessment, if Dogecoin were to drop below this threshold, there would be a significantly increased probability of a deeper correction all the way down to $0.06.
In contrast, should DOGE’s price reverse and reclaim the daily SMA 200 at $0.24, it could be seen as an indication that selling pressure is waning. This potential rebound might allow Dogecoin to attempt to rally back up to its previous support at the 50-day SMA of $0.30, where it may encounter resistance.
The situation with DOGE’s price movement has become a hot topic of debate within the crypto community. As one can expect, no clear consensus on what will happen next has been reached among traders and analysts.
Investors are eagerly awaiting any new developments that could potentially turn the tide in favor of the beleaguered cryptocurrency.
Source: https://u.today/dogecoin-doge-loses-crucial-price-support-amid-15-drop-whats-next
