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<img width="1280" height="731" src="https://coingape.com/wp-content/uploads/2024/03/photo_2024-03-06_19-04-35.jpg" class="attachment-full size-full wp-post-image" alt="dogecoin price analysis" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/03/photo_2024-03-06_19-04-35.jpg 1280w, https://coingape.com/wp-content/uploads/2024/03/photo_2024-03-06_19-04-35-300x171.jpg 300w, https://coingape.com/wp-content/uploads/2024/03/photo_2024-03-06_19-04-35-1224x699.jpg 1224w, https://coingape.com/wp-content/uploads/2024/03/photo_2024-03-06_19-04-35-768x439.jpg 768w, https://coingape.com/wp-content/uploads/2024/03/photo_2024-03-06_19-04-35-150x86.jpg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
Dogecoin Price: The cryptocurrency market continued its recent correction on March 19th, with Bitcoin falling below the $65K level, highlighting a broader downturn. Among the hardest hit were meme cryptocurrencies, which experienced significant sell-offs, leading to double-digit losses for well-known tokens like DOGE, PEPE, WIF, FLOKI, and BONK.&nbsp; 
Specifically, the <a href="https://coingape.com/price/dogecoin/">Dogecoin price</a> faced a 10.55% intraday loss, teasing a breakdown below the 50% Fibonacci retracement level to prolong the correction trend. 
Also Read: <a href="https://coingape.com/sponsored/top-3-cryptos-creating-millionaires-in-2024-dogecoin-shiba-inu-and-1000x-a-i-token-option2trade/">Top 3 Crypto’s Creating Millionaires in 2024: Dogecoin, Shiba Inu and 1000x A. I Token Option2Trade</a> 
<h2 id="b-will-the-doge-price-hit-0-12-support-b">Will the DOGE Price Hit $0.12 Support?</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/y/YQ3ISZOW.png" alt="BINANCE:DOGEUSDT Chart " width="1946" height="873">
 <figcaption class="wp-caption-text">
 Dogecoin Price| Tradingview
 </figcaption>
</figure> 
<a href="https://coingape.com/markets/heres-when-dogecoin-price-recovery-trend-to-0-2/">Dogecoin (DOGE)</a>, the largest memecoin by market cap, entered a new correction trend in February’s third week as the price reverted from $0.193. The overhead supply at $0.2 coupled with the broader market correction tumbled, this memecoin 31% within a week to currently trade at $0.132. 
Dogecoin saw its market capitalization decrease to $18.9 billion following a 10% loss within the day. Nonetheless, it remains the 10th largest cryptocurrency, as ranked by CoinMarketCap. 
Amid this downfall, the <a href="https://coingape.com/sponsored/crypto-news-dogecoins-successor-hits-the-market/">DOGE</a> price breached the 50% Fibonacci retracement level at $0.14, positioning the asset for further downfall. Losing this support is a sign of weakening bearish conviction and increasing dominance of sellers. 
The post-breakdown fall may bolster bears to chase potential support levels at $0.123, followed by $0.106. 
Also Read: <a href="https://coingape.com/markets/dogecoin-price-prediction-heres-why-traders-want-to-buy-doge-at-0-13/">Dogecoin Price Prediction: Here’s Why Traders Want To Buy DOGE At $0.13</a> 
<h2 id="b-will-the-dogecoin-price-rebound-b">Will the Dogecoin Price Rebound?</h2> 
If the coin price managed to rebound from the aforementioned support, the buyers would get an opportunity to counter-attack and reclaim the lost ground. However, the potential reversal must breach a downsloping resistance trendline(marked in black) to gain a better confirmation of recovery. 
The post-breakout rally may bolster buyers to rechallenge the last high of $0.206. 
<h2 id="b-technical-indicator-b">Technical Indicator</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> slope enhances the support strength of the $0.123 demand zone.</li> 
 <li style="font-weight: 400;" aria-level="1">DMI: The DI+(blue) and DI-(orange) lines nearing a bearish crossover could intensify the bearish momentum in the market. Moreover, the falling ADX slope reflects the last recovery rally that pushed the DOGE price to the overbought region.</li> 
</ul> 
The post <a href="https://coingape.com/markets/heres-dogecoin-price-may-losing-50-retracement/">Here’s How Dogecoin Price May Navigate Losing 50% Retracement Level</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Here’s How Dogecoin Price May Navigate Losing 50% Retracement Level

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