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Dogecoin (DOGE), once the most popular meme coin, is now encountering a significant challenge. As its price dips, the cryptocurrency finds itself in a precarious position, with the latest market trends signaling a potential downturn. Analyst Ali Martinez highlighted on the monthly chart that DOGE is retreating to levels unseen since 2024. This shift is driven by increasing selling pressure, leaving the coin vulnerable to further drops. If the bearish trend continues, Dogecoin could slip to as low as $0.10 or even further, potentially reaching around $0.062.
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The critical factor contributing to this decline is the absence of significant support below current price levels. In the past, DOGE maintained a strong resistance zone between $0.16 and $0.18, which acted as a crucial threshold during more stable periods. However, once the price dropped below this zone, it turned into resistance, causing every rebound attempt to fail more quickly than the last. This indicates a classic distribution phase rather than an accumulation phase, where selling pressure outweighs any potential for growth.
Additionally, there is little activity in the price range between the current value and the $0.10 mark. If bulls fail to hold at this level, the next major structural support lies around $0.062. This level is significant because it marks where DOGE consolidated throughout 2022 and 2023. A drop to this range could signal a dramatic shift for Dogecoin, possibly adding another zero to its price. Such a move would not only change the expectations for Dogecoin but could also reshape the outlook for the broader meme coin market.
For long-term holders of Dogecoin, this situation poses an existential risk. Should DOGE fail to hold above $0.10, it could signal the end of its run as a cultural icon. Once regarded as a fun and relevant digital asset, Dogecoin might lose its appeal, transforming into a legacy altcoin searching for a renewed sense of purpose. Investors and traders will need to carefully monitor these levels, as the coming weeks could determine whether Dogecoin remains a significant player in the crypto space or fades into obscurity.
As the situation unfolds, it is clear that Dogecoin’s future is highly uncertain, with major price levels in jeopardy. While it remains a fan favorite, the coin’s market performance is under intense scrutiny, and its next moves will likely define its trajectory in the coming months.
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The post Dogecoin Faces Significant Downturn as Selling Pressure Mounts appeared first on 36Crypto.
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