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Dogecoin Price Crash – Will DOGE Drop Below $0.30 Next?
- Dogecoin price has dropped by over 12%, along with the broader crypto market, shedding 4% in the last 24 hours.
- This drop occurs against the backdrop of a cautious investor sentiment caused by concerns around interest rates and macroeconomic instability, leading to investors moving away from speculative assets.
- Dogecoin is known for its high volatility and often goes through sharper declines compared to large-cap tokens like Bitcoin and Ethereum.
- $0.40 support breach is seen as the biggest technical signal that triggered automated sell orders and panic selling from investors.
- If Dogecoin's downtrend continues, the immediate next support level is at $0.30, with the most likely scenario a test of this support level.
- There is currently more selling pressure for DOGE, indicating negative market sentiment being high and pushing DOGE towards $0.30 or even lower.
- The shift in momentum shows further bearishness, and traders brace themselves for potential lower lows.
- According to analysts, it would be wiser to wait for a clear reversal to signal an ease in selling pressure and buyers returning to the market before considering buying DOGE.
- Setting a stop-loss at $0.30 is a safer option for those planning to invest in Dogecoin, protecting from larger losses if the market continues to crash.
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