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As of press time, Dogecoin (DOGE) has fallen nearly 8% in the past 24 hours, and the overall bearish sentiment in the market is still strong. Since the price hit $0.30, DOGE has been in a clear bear market structure, with over 75 altcoins outperforming Bitcoin (BTC) during this period. At present, the price of Dogecoin may continue to drop, or even fall to around $0.07. Possibility of Dogecoin falling to $0.07 According to Dogecoin’s UTXO Realized Price Distribution (URPD) data, $0.18 is the most critical price currently and is also the watershed between long and short. If the price continues to trade below this area, DOGE may slide further towards $0.07. US$0.07 was the key area of Dogecoin's last fluctuation. About 28.28 billion DOGE were bought at this price, accounting for 18% of the total supply, so it is regarded as the next strong support area.  Once the price falls below $0.18, Dogecoin may fall into an accelerated decline. However, before reaching $0.07, some short-term support areas still have the opportunity to trigger a technical rebound. Subsequent price analysis will focus on these key areas. Dogecoin faces multiple headwinds From a technical chart perspective, Dogecoin is experiencing increasing selling pressure. On the 4-hour chart, the price has fallen below the clouds of the Ichimoku equilibrium chart, and the momentum of the K-line shows that the sellers are clearly dominant. In the short term, $0.1688 is the next potential target. To return to the uptrend, DOGE will need to forcefully break above the upper resistance on the Ichimoku chart, otherwise the bears will continue to take control of the market and the price may once again fall to near last year's levels, which is around $0.15. It is worth noting that Dogecoin started a strong upward trend from this position last time, surging to $0.50 at one point. However, the current chart structure does not suggest a direct drop to $0.07.  In addition, CryptoQuant data shows that some derivatives traders are placing long orders, which also supports the view that the possibility of falling to $0.07 is low. Bear market sentiment still dominates The bear market atmosphere in the current market is still strong. Traders in the spot market continue to sell DOGE, with Spot Taker CVD data showing that sellers have dominated market volumes since late September. At the same time, market sentiment indicators also show that both retail and institutional investors are biased towards bearishness. The current readings of the two indicators are -0.31 and -0.24 respectively, indicating that most "smart money" believes that Dogecoin may still fall in the short term.  Overall, the price of DOGE still faces downward pressure in the short term, but falling to $0.07 must be based on a longer bear market continuation. If the overall crypto market shows signs of strengthening, Dogecoin has a chance to break through the resistance on the Ichimoku chart again and regain its upward momentum. The Bitcoin bull market has entered the second half, and the community has opened limited-time benefits and distributed selected potential coins for free. Scan the QR code or search WeChat ID: BNB7768 to add an assistant and join the group layout immediately.  |
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