Cryptocurrency

Token

Wednesday

Bitcoin

Dogecoin

Dogecoin Price: Amid the pre-halving correction in the crypto market, the <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price</a> plunged to a low of $59672 on Wednesday registering a loss of 4.5%. This steady supply pressure prolongs the correction trend for the majority of major altcoins including Dogecoin. With an intraday loss of 5%, the largest meme cryptocurrency by market cap loses the 50% retracement support, indicating the potential for prolonged downfall.
Also Read: <a href="https://coingape.com/sponsored/why-investors-are-dogging-dogecoin-doge-and-combating-10-7-drop-with-new-a-i-cryptocurrency-presale-token/" rel="noopener noreferrer nofollow">Why Investors Are Dogging Dogecoin (DOGE) and Combating 10.7% Drop with New A.I Cryptocurrency Presale Token</a>
<h2 id="b-will-dogecoin-price-lose-0-14-amid-market-correction-b">Will Dogecoin Price Lose $0.14 Amid Market Correction?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/d/dHyvq9gB.png" alt="BINANCE:DOGEUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Dogecoin Price| Tradingview
 </figcaption>
</figure>
<a href="https://coingape.com/dogecoin-whale-buys-300m-doge-bitmain-extends-support-for-doge-mining/" rel="noopener noreferrer nofollow">Dogecoin</a> entered the current correction trend in late March, as the price reverted from the high of $0.288. The bearish downturn plunged the coin value 35% within three weeks to the current trade at $0.14.
The formation of new lower highs and lows signals a change in market sentiment from “buying on dip” to “selling on rallies”. The downsloping trendline in the daily chart acts as dynamic resistance and leads the current projecting of a downtrend. This falling price has recently breached the 50% Fibonacci retracement tool— a key support for buyers to maintain their dominance over the asset.
<blockquote>
 By the press time, Dogecoin trades at $0.148, and with a market cap of $21.4 Billion, it maintains its position as the 8th largest cryptocurrency.
</blockquote>
If the breakdown sustains, the <a href="https://coingape.com/price-predictions/dogecoin-doge-price-prediction/" rel="noopener noreferrer nofollow">DOGE price</a> may plunge 16.4% to hit the March 2024 low of $0.124. With less than 2 days for <a href="https://coingape.com/trending/bitcoin-halving-to-hit-miners-with-billions-in-loses-heres-why/" rel="noopener noreferrer nofollow">Bitcoin halving</a>, the aforementioned levels act as a crucial reversal point.
Historical trends suggest that Bitcoin typically takes a while to embark on its rally post-halving, and thus altcoins may require even more time before showing bullish momentum. Thus, the potential trend for Dogecoin price for the near term seems sideways.
<h3 id="b-technical-indicator-b">Technical Indicator</h3>
<ul>
 <li style="font-weight: 400;" aria-level="1">Directional Movement Index: A bearish crossover between the DI+(blue) and DI-(orange) indicates the sellers are leading the short-term trend of SHIB price.</li>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The memecoin price trading above daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMAs</a> 100 and 200 highlights the broader trend remains bullish.</li>
</ul>
The post <a href="https://coingape.com/markets/whats-next-for-dogecoin-price-hold-50-fibonacci/" rel="noopener noreferrer nofollow">What’s Next for Dogecoin Price After Failing to Hold 50% Fibonacci Support?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

What’s Next for Dogecoin Price After Failing to Hold 50% Fibonacci Support?

Table of Contents

Coingape News Media

Other articles published on Apr 17, 2024

Liquid Mercury Partners with GFO-X to Provide RFQ Platform for Trading Crypto Derivatives

Pups (Ordinals) Price Prediction: PUPS Pumps 25% As Traders Jump To This 2.0 Meme Coin For Its 10...

10 Best Crypto Exchanges in Switzerland

Bitcoin ETFs See Fresh Outflows

Hong Kong spot Bitcoin ETF approval draws praise and caution from industry players

UK set to release new laws on crypto and stablecoins in June

Join our free newsletter for daily crypto updates!