A naukri.com initiative
Bitcoinist
2w
78
Image Credit: Bitcoinist
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.
Read Full Article
4 Likes
For uninterrupted reading, download the app