Dogecoin

Future

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoins-fall-hits-doge-and-altcoins" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin’s Fall Hits DOGE and Altcoins</a><br></p>
<p style="text-align: justify">The recent volatility in <a href="https://en.bitcoinhaber.net/bitcoin-soars-beyond-65000-catalyzing-market-optimism" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price has led to a downward trend for Dogecoin (DOGE) and several other altcoins. As Bitcoin struggles to maintain its position around $66,000, the broader altcoin market has shown signs of instability. At the time of writing, Bitcoin was priced at $66,228, causing some altcoins to reverse direction upward. Here’s a deeper look into projections for Dogecoin.</p>
<h2 id="dogecoin-s-struggles">Dogecoin’s Struggles</h2>
<p style="text-align: justify">On June 17, Dogecoin, the largest meme coin by market cap, plummeted to a three-month low, hitting $0.12. This decline was spurred by rapid losses in Bitcoin’s price. Due to the lack of significant investor entry in altcoins, the swift exit of cautious <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> exacerbated these losses, leading to a rapid sell-off.</p>
<p style="text-align: justify">The sharp decline led to the liquidation of long positions exceeding $44 million in Dogecoin alone, marking the largest liquidation event for DOGE this year. This significant liquidation indicates a surprising drop experienced by investors in futures markets, weakening bullish sentiment. Currently, funding for DOGE in futures markets remains negative, suggesting the dominance of short positions.</p>
<h2 id="future-price-movements">Future Price Movements</h2>
<p style="text-align: justify">Dogecoin’s price has dipped below the 20-day EMA and the 50-day SMA, losing critical support levels. The price falling below the SMA50 confirms heavy selling pressure, a rare occurrence given the overall upward market trend. Experienced investors might view these losses as buying opportunities, though they remain cautious of potential further declines based on historical <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a>.</p>
<p style="text-align: justify">The Elder-Ray Index for DOGE highlights the potential for continued short-term bearish trends. The index’s negative value confirms that sellers currently dominate the market. If bearish forces persist, DOGE’s price could fall to $0.11 and potentially reach $0.08.</p>
<h2 id="insights-for-investors">Insights for Investors</h2>
<p style="text-align: justify">Key points for investors to consider based on current market trends:</p>
<ul>
 <li>Monitor Bitcoin’s ability to close above $66,250, as it could bolster altcoin confidence.</li>
 <li>Look for signs of increased investor activity in altcoins following significant sell-offs.</li>
 <li>Watch for DOGE’s price movements around key support levels, especially $0.11 and $0.08.</li>
 <li>Evaluate the Elder-Ray Index for short-term trend indications.</li>
</ul>
<p style="text-align: justify">However, should Bitcoin close above $66,250 and strengthen the altcoin market, an increase in investor confidence could lead to a recovery. This scenario might drive DOGE’s price towards new peaks between $0.13 and $0.18.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoins-fall-hits-doge-and-altcoins" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin’s Fall Hits DOGE and Altcoins</a></h5>

Bitcoin’s Fall Hits DOGE and Altcoins

Table of Contents

BH NEWS

Other articles published on Jun 20, 2024

Ethereum options data highlights bears’ plan to keep ETH price under $3.6K

Ryoshi: The Visionary Behind Omikami and RyuJin and High-Potential Memecoins

Node’s 2024-2025 Guide And Top Picks

BlockDAG Keynote Promises 30,000x Gains Outshining Bitcoin ETF Drops & Solana’s Rally In June 2024

SEC Current Stance Follows China’s Past Action Says Key Figures Associated With Ripple

The Reason for the Decline in the Cryptocurrency Market May Have Been Revealed: CryptoQuant Expla...

Join our free newsletter for daily crypto updates!