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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">
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 Dogecoin Price| Tradingview
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</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?

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