Greed

Dogecoin

Bitcoin

Drops

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. 
<h2 id="span-style-font-weight-400-doge-price-analysis-decision-time-for-bulls-span">DOGE Price Analysis: Decision Time for Bulls</h2> 
<img decoding="async" class="aligncenter size-full wp-image-202825" src="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-18-at-07.56.34.jpeg" alt="DOGE price analysis" width="1280" height="565" srcset="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-18-at-07.56.34.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-18-at-07.56.34-300x132.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-18-at-07.56.34-1224x540.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-18-at-07.56.34-768x339.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-18-at-07.56.34-150x66.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px"> 
<a href="https://coingape.com/price/dogecoin">DOGE price</a> 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 <a href="https://coingape.com/bitcoin-accumulations-hit-840m-amid-btc-price-slip-rally-ahead/">Bitcoin</a> 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.&nbsp; 
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. 
<h2 id="span-style-font-weight-400-doge-price-drops-in-general-market-downturn-span">Doge Price Drops in General Market Downturn</h2> 
The crash of DOGE’s price was part of a market-wide crash instigated by <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/">Bitcoin</a>. 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 <a rel="nofollow" href="https://www.coingecko.com/en/coins/dogecoin">CoinGecko</a>.&nbsp; 
<img decoding="async" class="aligncenter size-full wp-image-202826" src="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-18-at-07.56.21.jpeg" alt="Greed and fear index" width="680" height="311" srcset="https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-18-at-07.56.21.jpeg 680w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-18-at-07.56.21-300x137.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-18-at-07.56.21-678x311.jpeg 678w, https://coingape.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-18-at-07.56.21-150x69.jpeg 150w" sizes="(max-width: 680px) 100vw, 680px"> 
Despite these numbers, the Bitcoin Fear &amp; Greed Index remains at 74 (Greed). This has the crypto community questioning whether this important market sentiment analysis tool is rigged.&nbsp; 
<h2 id="span-style-font-weight-400-bottom-line-span">Bottom Line</h2> 
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. 
The post <a href="https://coingape.com/markets/doge-price-analysis-why-is-dogecoin-crashing/">DOGE Price Analysis: Can Dogecoin Breakout to $0.5?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

DOGE Price Analysis: Can Dogecoin Breakout to $0.5?

Table of Contents

Coingape News Media

Other articles published on Jun 18, 2024

Crypto – Tether Launches Alloy: A Gold-Backed Stablecoin!

From Cheers To Tears: Beercoin (BEER) Dries Up, Loses 70% Of Its Value

Tezos Alert: Urgent Upgrade Required to Fix Critical Bug

What’s Driving Bitcoin’s Downward Trend and When Will This Correction Turn Bullish?

Why is crypto down today? BTC derails, SOL, ADA, AVAX take major hits

Bitcoin: BTC dominance falls to 56%: Time for altcoins to shine?

Join our free newsletter for daily crypto updates!