Crypto News

Dogecoin couldn’t dodge the bearish bullet—24% value wiped in 24 hours

dogecoin, doge
Image by Ryan McGuire from Pixabay
  • Dogecoin price dropped 24 percent in the last 24 hours.
  • The rest of the crypto market declined drastically, registering losses across the board.
  • What’s next in store for Doge?

Yerevan (CoinChapter.com) — Dogecoin (DOGE) complied with the massive losses across the rest of the crypto market and briefly dove down to $0.16 before making it up to $0.20 in the Tokyo session Tuesday.

Dogecoin daily chart

The freefall appeared dramatic as Dogecoin’s daily chart looked more optimistic on Monday, predicting gains after the falling wedge pattern. However, the value didn’t hold at the estimated $0.24 support margin and declined almost to the 200-day simple moving average (SMA-200) line (red wave at the bottom).

Also read: Dogecoin, Elon Musk’s pet crypto, dips drastically amid global market correction

So much for the prediction, as the last week took 38 percent off the Doge price. The meme-coin attempted to recover and finally registered a green candle on the daily chart.

Dogecoin loses 24 percent before attempting recovery. Source: DOGEUSD on TradingView.com
Dogecoin loses 24 percent before attempting recovery. Source: DOGEUSD on TradingView.com

The Relative strength index (RSI), which reflects the asset’s overall momentum, dropped below the 30-70 range. That’s where traders consider a coin as oversold. The RSI went as low as 13 before going back to 30, which is still low, and traders could still enjoy more of the green candle.

However, Doge still has to overcome at least two barriers on its way to recovery. The $0.24 margin and the $0.29. If they act as resistance and send the price into a bearish descent, Dogecoin could hit the SMA-200 again or even fall back to the $0.047 support margin significant throughout March.

Also read: Even Elon Musk’s tweets couldn’t save Dogecoin from crashing

Meanwhile…

…the rest of the crypto market continues to bleed with red candles.

Bitcoin (BTC) the leader crypto, declined by 4 percent in the past 24 hours, with BTC/USD exchange rate at 32,750 as of the moment of writing. The wave of declines shaved 7.6 percent off the Ethereum (ETH) price in 24 hours, bringing it down to $1,944.

Moreover, Cardano (ADA) lost 12 percent, Ripple’s XRP was down by 15 percent, and Polkadot (DOT) lost 18 percent.

The bearish outlook on the crypto market as a whole didn’t bypass Dogecoin. Furthermore, the biggest Doge proponent Elon Musk, the CEO of Tesla and SpaceX is still silent on the matter. Many meme-coin supporters were hopeful the ‘Dogefather’ would influence the price after Father’s day, flooding him with memes like the one below.

Doge is infamously volatile, and making solid predictions is tough amid the new crypto crash. The billionaire CEO has rescued the token on many occasions before, so the Doge community is supporting him. Mr. Musk himself has been silent on the recent events.

However, the outlook for Doge could continue to look bearish while the rest of the market struggles to recover. A widely followed crypto analyst with the handle Livercoin predicted the Doge price falling to $0.08.

The upcoming sessions will show if the meme-coin will keep its green candle going, or fall back to pre-April-rally $0.08 level.

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Lilit Chichyan

Lilit is an enthusiastic writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience. Lilit is creative and fast and has the experience of writing for both big marketing companies and small websites and blogs.

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