Why Is Dogecoin Price Crashing 5% Today?

Dogecoin (DOGE) price experienced a major 30% price decrease during the last month when it reached its $0.47 peak value in November 2024. Market bearishness, together with the industry-wide cryptocurrency market correction, remains responsible for this decrease.

The market has induced considerable selling pressure, which has caused the DOGE price to fall below its vital $0.20 support threshold.

A potential market recovery exists because the approval of a DOGE exchange-traded fund (ETF) remains uncertain. The market remains under bearish pressure which leads to uncertainty about the behavior of the price for DOGE. The following months will decide if the altcoin succeeds in recovering its previous market strength.

Here is Why Dogecoin Price is Crashing By 5% Today?

Dogecoin experienced a 5% price decrease throughout the last 24-hour period. The price of Dogecoin maintains $0.16 at present, although it reached its all-time high of $0.47 in November 2024. The declining price demonstrates a bearish market trend for Dogecoin along with its weekly market depreciation.

The cryptocurrency’s price follows a pattern of enormous price swings, which social media reactions on X (formerly Twitter) significantly affect together with public endorsements by celebrities. Dogecoin’s value frequently changes due to high-level endorsement statements by Elon Musk along with social media activities. Wide forces in the cryptocurrency marketplace tend to direct changes in its market value.

Dogecoin recently dropped after its price soared from a bull market in late 2024. The price of DOGE reached new heights when the U.S. election produced hype about Trump and his corresponding discussions. The market’s attitude shifted when Dogecoin prices fell to half their value reached in November of last year while investor selling activity intensified.

The present value of global crypto market capitalization amounts to $2.75 trillion despite a minor decrease of 0.49% over the day. The market volume shows a 26.06% contraction at $63.83 billion throughout the past day. SHIB and PEPE share declining patterns with the rest of the meme coins, while the cryptocurrency Pengu attracts increasing market interest.

Crypto Analyst Predicts Potential 16% DOGE Surge

Crypto analyst Ali recently released a chart that demonstrates Dogecoin (DOGE) market expansion. The cryptocurrency has been consolidated while forming a triangular formation but signals potential breakout action now.

The research analysis suggests a significant price increase would follow the successful breakout. A price rise of 16% might occur if Dogecoin breaks through its upper resistance trendline, according to the chart.

Key Levels To Watch For DOGE Price?

The MACD indicator currently suggests a marginally bearish analysis. The MACD line maintains a position that is slightly below its counterpart signal line suggesting an upcoming short-term price decrease.

The Relative Strength Index (RSI) has achieved a position of 46 points, slightly below the middle value at 50. 

The essential support point lies at $0.15, which recent market movements have validated as significant. Further price declines would likely occur when the DOGE price prediction falls below its existing support level at $0.15.

The resistance point in the DOGE chart currently rests at $0.17 while remaining steadfast as a barrier. The price of DOGE has the chance to rise toward $0.20 after it breaks through its current resistance point at $0.17.