Dogecoin Price Tests Critical Support at $0.35321 Amid Market Volatility
As Bitcoin drops below $102,000, the crypto market experiences increased volatility. Dogecoin has declined by 4.95% to $0.3459, with a market cap of $55.10 billion. The meme coin sector has overall dropped by 7% in 24 hours.
Dogecoin Price Trends
- Failed to maintain above 61.80% Fibonacci level at $0.37772
- Current support level tested at $0.35321
- Negative crossover between 20 and 50 EMA lines indicates bearish dominance
- 4-hour RSI line below midpoint suggests further decline
Derivatives Market Sentiment
- Open interest in derivatives down by 8.71% to $4.49 billion
- Long-to-short ratio decreased to 0.90%
- Funding rate increased to 0.0103%, indicating some bullish interest
Key Levels for Dogecoin
- Support at $0.35321; failure may retest $0.30 zone (23.6% Fibonacci)
- Potential downside risk of nearly 12% if support fails
- Recovery possible if broader market stabilizes, challenging resistance at $0.37772
Dogecoin is under significant bearish pressure, with key levels determining its future trajectory. A breakdown below support could lead to further declines, while stabilization may offer a chance for recovery.