Critical hours in Dogecoin (DOGE): Will the decline continue?

Critical hours continue for Dogecoin (DOGE), which collapsed with the unexpected fall of Bitcoin (BTC).

Bitcoin, which reached $64,490 as of April 2, destroyed the altcoins. While almost the entire altcoin market lost more than 10 percent in value, the most selling pressure came from memecoins. Dogecoin (DOGE), the leading name of Memecoins, was exposed to a sales wave and caused danger. What is the latest situation for the popular coin, which has experienced a significant decline in the last few days?

Selling pressure has appeared in Dogecoin (DOGE)!

Dogecoin (DOGE), which has been in a downward trend since $ 0.2295, rang alarm bells with its latest decline. The popular coin, which could not shake off the selling pressure despite the ongoing Memecoin craze, lost 23 percent of its value in just two days. In addition, DOGE, which is weaker than other projects in the memecoin craze, is showing a very bad course in terms of fundamental analysis.

DOGE, which currently has buyers at $0.18539, may test even lower levels if the memecoin trend falls out of favor, BTC loses value or BTC dominance increases. In such a scenario, 0.17565 – 0.15068 – 0.12240 – 0.10058 and 0.08377 dollar levels, respectively, can be followed as support. In a possible upward trend, the points that can be followed as resistance are 0.19229 - 0.20668 - 0.21957 - 0.23920 dollars, respectively.

DOGE investors should follow not only the technical side, but also the news flow in the market and developments regarding Dogecoin. These two elements may have as much say in the impact on price as the technical side.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.