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Dogecoin Falls Below $0.16: Here’s How Its Price Action Could Play Out

  • Dogecoin has dropped below $0.16 for the first time since April, marking a nearly 4% decline in the last 24 hours.
  • The coin has been on a month-long downtrend from $0.23, breaking support levels at $0.21 and $0.18 along the way.
  • This price drop is part of a broader decline in the crypto market exacerbated by Bitcoin's stagnant movements.
  • Dogecoin has lost approximately 36% in value over the past month and has been overtaken by Tron in market cap rankings.
  • The fading enthusiasm for meme coins, including other meme coins like Shiba Inu and PEPE, has contributed to Dogecoin's decline.
  • Technical analysis indicates a bearish outlook for Dogecoin, with a potential 60% correction looming if selling pressure persists.
  • The breakdown of the $0.16-$0.22 price range signals possible further downside to levels around $0.088 and $0.13.
  • A Dogecoin ETF approval by the SEC could provide hope, with the odds estimated at about 90% by Bloomberg Intelligence analyst James Seyffart.
  • Dogecoin is currently trading at $0.1565.
  • Despite hopes for a Dogecoin ETF approval, the coin's price may face further decline without a swift recovery above $0.16.

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