Dogecoin Price Drops Below Key Support Level Amid Market Volatility
Dogecoin (DOGE) has seen a significant decline, dropping over 10% in the last 24 hours to around $0.206 amid a broader market liquidation, with more than $32 million liquidated from long positions. The price fell below a crucial support level of $0.238, reaching a low of $0.1969.
On-chain Activity Decline
- Daily transactions on Dogecoin's blockchain fell from over 133,000 to approximately 51,000 within three weeks.
- Open Interest (OI) for DOGE decreased from over $5 billion to about $1.8 billion.
Price Targets and Trends
- DOGE is currently in a correction phase, down over 50% in four weeks.
- To avoid further declines toward $0.06, a consistent rebound from the $0.19-$0.21 support range is needed.
- Technical analysis indicates a potential falling wedge pattern suggesting a bullish rebound could occur soon.
Fundamental Factors
- Over 6.1 million on-chain holders exist, with the network operating at about 2.66 PH/s.
- Supported by Elon Musk, DOGE is increasingly accepted as payment by various businesses.
- Musk's X platform plans a payment feature, potentially integrating DOGE.