Dogecoin Price Drops 2.5% Amid Market Correction and Tariff Proposal
Dogecoin (DOGE) is trading at $0.1645, down 2.5% in the last 24 hours, following a broader market correction triggered by US President Donald Trump’s global 10% tariff proposal.
- Key support level for DOGE is $0.16; if maintained, potential rally to $0.50.
- If it falls below $0.16, a drop to $0.06 may occur.
- Futures open interest has decreased over 3% to $1.56 billion, indicating lower speculative interest.
- Derivatives trading volume increased by 40% to $5.24 billion, suggesting volatility ahead.
- Current market cap is $24.45 billion, ranked 8th among cryptocurrencies.
- DOGE is 77% below its all-time high of $0.737 from 2021.
The daily price chart shows consolidation near the lower band, indicating potential oversold conditions. An upward movement could lead to a mean reversion towards $0.176. RSI is near 40, while MACD is below the signal line, indicating bearish momentum but potential reversal signs as buying volume increases.
Source: TradingView
Despite recent declines, some investors continue to accumulate DOGE.
Source: TradingView