Apr 7, 2025
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Dogecoin Price Drops Over 20% Amid Market Crash
Dogecoin's price has declined over 20% in the last 24 hours amid a broader crypto market downturn. Analyst Kevin (@Kev_Capital_TA) maintains that Dogecoin is still above a critical support level known as the "bull market line." He believes that improvements in overall market conditions could lead to a price increase.
Key Points on Dogecoin Support Level
- Kevin emphasizes the importance of holding above $0.139, identified as the “last line of bull market support.”
- A weekly close below this level could indicate a significant change in market sentiment.
- Key technical indicators are resetting, potentially signaling future upward momentum.
Kevin notes that the Global Liquidity Index directly impacts Dogecoin's price, suggesting that recent liquidity trends may affect altcoin performance. As central banks consider slowing interest rate hikes, increased liquidity could support a price breakout for Dogecoin.
Global Liquidity Context
- Dogecoin is testing the breakout point from a prolonged bear market range (May 2021 - October 2024).
- The macro .382 level at $0.142 is viewed as a potential rally point.
- Historical trends indicate that liquidity levels heavily influence risk asset prices, including altcoins like DOGE.
Currently, Dogecoin is trading at approximately $0.13558, just below the critical support level.
