Dogecoin price is plummeting and has broken critical support levels. The cryptocurrency found new support at $0.138 after falling below the $0.15 mark. The broader cryptocurrency market also signals weakness, as Bitcoin recently dropped below $85,000. This contributed further to the negative sentiment, adding to the ongoing struggles for DOGE.
Dogecoin has fallen 11.2% in the last 24 hours, slipping from $0.1578 to $0.1390, after failing to hold support at $0.15. The fall was accompanied by a spike in trading volume of 2.52 billion DOGE, which represents a 60% increase from the 24-hour moving average. The price found rejection at $0.1595 and started to move lower.
Shortly thereafter, that lack of support became even more pronounced, and DOGE plunged to $0.138, propelled by high-volume sell orders. Despite efforts to consolidate at $0.140, the upward momentum remains bearish for now.
Currently, the DOGE is trading below its 50-day and 200-day moving averages, both with downward momentum. Momentum indicators reflect that DOGE is deeply oversold but without signs of a probable reversal. It has now formed a series of lower highs and a lower low on the chart, showing continued pressure on the price.
The critical support level for Dogecoin's price is now at $0.138. Failure to hold this might see declines toward $0.135, followed by $0.128. Though DOGE has managed to stabilize near $0.140, the lack of any notable buying interest and lingering negative sentiment across the broader cryptocurrency market make any short-term recovery unlikely. Given that fresh whale activity is not present, this adds to the risk of further downside.
The recent price drop and surge in volume reflect large-scale selling, not retail panic. Traders will now be looking for any kind of sign of stabilization, but the bearish trend is likely to continue until DOGE can break resistance levels upwards.
Also Read: Dogecoin Price Drop: What Happened and What’s Coming Next
Meanwhile, traders are closely watching some critical levels that could dictate the next direction of Dogecoin. If DOGE manages to climb above the resistance level of $0.144, this could signal the beginning of its potential recovery. After all, any bullish continuation would need to break above $0.16. On the downside, if the price falls below $0.138, then DOGE might head toward the next support at $0.13.