Dogecoin Price Nears Critical Support Level of $0.21
Dogecoin (https://holder.io/coins/doge/) is trading at approximately $0.228, down from a peak of $0.259 on May 11. The current market capitalization is around $34 billion, remaining 69% below its 2021 high.
- Despite a 35% increase from the early May low of $0.164, lower highs have raised concerns about the sustainability of the recent gains.
- Technical analyst More Crypto Online suggests that the price action since April lacks the five-wave structure typical for sustained bullish trends.
- The advance may instead constitute only the B-wave of a larger A-B-C correction.
- A break below $0.21 could confirm a larger pullback, with targets between $0.199 and $0.183 based on Fibonacci retracement levels.
- Potential resistance exists at $0.23 to $0.24; however, any upward movement should be viewed as corrective unless there’s a decisive close above $0.247.
- Current macroeconomic conditions, including rising Treasury yields and increased Bitcoin dominance, are negatively impacting altcoin liquidity.
- Market structure indicates that bulls need to maintain support at $0.21 to avoid further declines.
At press time, DOGE remains at $0.228.
