Dogecoin breached a crucial support level that had held for nearly a year, triggering concerns of further downside movement. The memecoin dropped 2.18% to trade at $0.09083 at press time. The breakdown comes as bearish sentiment dominates the broader cryptocurrency market. Trading activity has intensified despite the price decline, with volume jumping 11% to $845 million over the same period.
The daily chart shows DOGE losing its $0.095 support level, a price floor that has held since February 2024. Analysts warn that failure to reclaim this level could trigger a 35% decline in the coming days. The next minor support sits at $0.0883, which may offer temporary relief. A failure to hold that level could push prices down to $0.05710, the next major support zone.
The Average Directional Index currently reads 51.33, well above the critical 25 threshold. This reading confirms that strong downward momentum is driving the current price action. Not everyone shares the bearish outlook. A prominent crypto analyst recently posted on X that current prices may represent a buying opportunity.
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