Price Analysis

DOGE Price Analysis: Can Dogecoin Breakout to $0.5?

DOGE Price Analysis: Dogecoin experienced a drop in value, hitting lows not seen since February. However, it appears to have bottomed out, and accumulation is underway with an impending.
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DOGE Price Analysis: Can Dogecoin Breakout to $0.5?

Highlights

  • Bitcoin Fear & Greed Index remains at 74 (Greed) despite the general market downturn.
  • The total market cap of the crypto industry is down 3% in the last 24 hours.
  • Dogecoin price dropped to $0.113, the lowest since February 2024.

Doge Price Analysis: Dogecoin price experienced a 10% drop in price late Monday night going into Tuesday. The price dropped as low as $0.113, the lowest since February. The price of Dogecoin briefly recovered and is now trading around $0.12 during American hours. Despite the fall in the value of the general market, DOGE’s current support proved to be strong. Dogecoin may need to make a decision soon that might influence the next direction its price takes.

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DOGE Price Analysis: Decision Time for Bulls

DOGE price was previously trending inside a giant descending triangle. The base of the triangle provides robust support for DOGE but prevailing bearish market conditions created by Bitcoin may render it useless. The support has been tested three times before and investors are hoping it will hold water now. Descending triangles are generally not bullish, but if they resolve upwards, it’s usually explosive. 

The price of DOGE is trending below the 50-day and 200-day simple moving averages (SMA), which is not bullish for the asset price. Should a bounce happen at this price point, DOGE may break out of the current market structure and make for $0.237. On its way up, the dog-themed meme coin may encounter resistance around $0.182 and $0.206. On the flip side, in a downward scenario, the DOGE price may find further support around $0.096 and $0.072.

The Relative Strength Index (RSI) has dipped to 29 and is officially in the oversold (OS) region. Overbought (OB) and oversold (OS) regions are characterized by extreme price action momentum. Due to this, the price of DOGE may witness some non-bullish price action volatility in the coming days. Nevertheless, RSI (14) at 29 is an indicator that DOGE has officially bottomed and accumulation may begin from this point onward.

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Doge Price Drops in General Market Downturn

The crash of DOGE’s price was part of a market-wide crash instigated by Bitcoin. The king of cryptos slid below a crucial support level late on Monday evening, causing the entire crypto market to drop. The total market cap of the crypto industry is down 3% in the last 24 hours, per CoinGecko

Despite these numbers, the Bitcoin Fear & Greed Index remains at 74 (Greed). This has the crypto community questioning whether this important market sentiment analysis tool is rigged. 

Bottom Line

Bitcoin has an overwhelming effect on the markets, as its market cap dominance has also increased in the last week from 51.5% to 52.1%. Dogecoin investors are keeping a close eye on BTC price action as it will mark the difference between profit and loss for them.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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