Dogecoin Price Plunges to $0.32! Can It Avoid a $0.26 Support Test?
During his swearing-in ceremony as President of the United States of America, Donald Trump did not mention cryptocurrency in his speech. This further led to a sharp correction in the cryptocurrency market overnight, with Bitcoin price retesting the $102,000 level.
In addition, the memecoin sector recorded the highest correction, with the Trump meme coin plunging by more than 30%. The price of the largest memory coin, Dogecoin, experienced a similar fate, falling below its important support trendline.
DOGE Price Hits Record Bearish Action Increases!
Dogecoin prices are trending lower for the fourth consecutive day, highlighting the growing negative impact. Notably, the 07th largest cryptocurrency token lost approximately 9% in 24 hours, with intraday trading volume down by more than 23%.
Moving Average Convergence Divergence (MACD) records a continued decline in the green histogram. Additionally, the daily moving averages are on the verge of a bearish crossover. This shows an increase in the negative impact of the largest meme coin.
Furthermore, the SMA indicator is also showing similar price action, witnessing bearish convergence in the Dogecoin price chart. This highlights that the DOGE meme token may be losing momentum this week.
Will DOGE Memecoin reach $0.50 this month?
Assuming a bullish trend reversal, in which case Doge coin price will retest its resistance at $0.385. If investors increase participation at this time, it could push the price towards the overhead resistance at $0.440.
Conversely, if the bears continue to gain momentum, the DOGE coin will retest its important support level at $0.325. Furthermore, if negative sentiment intensifies, it could lead to a decline towards the lower support at $0.265.
Do you want to know if the DOGE coin price will reach $1 in 2025? Read CoinPedia’s Dogecoin Price Prediction Launch possible long-term actions!
FAQ
As bullish sentiment and adoption increase, the DOGE memecoin may reach a maximum transaction value of $3 by 2030.
With increasing adoption and crypto-friendly policies, DOGE coin may hit the $1 mark this year.
Looking ahead to 2029, Dogecoin could be worth between $1.59 and $2.63.
