“Is There Hope for DOGE as its Price Plummets by 10%? A Look into Future Predictions and the Possibility of Bullish Control.”
Dogecoin (DOGE) has fallen after failing to break above its 21-day Moving Average and testing its 200DMA level around $0.079, a key zone of support that has now turned into resistance. It coincides with a downtrend in the cryptocurrency since early February, leading to more bearish near-term price predictions. DOGE has fallen by around 7.5% and 10% in the last 24 hours, trading below the $0.07 level. The broader cryptocurrency market has also succumbed to selling pressure since earlier this week. Some analysts suggest a retest of recent lows in the $0.065 area is more likely than a rally north of $0.08, and a break below could see a bigger pullback towards the October 2022 lows in the $0.055 area. However, the stability of the traditional finance sector and an aggressive easing of financial conditions could continue to support DOGE and other cryptocurrencies as an alternative, decentralized financial system. With high-profile Wall Street executives warning of a potential crisis in the US banking sector, DOGE could benefit alongside Bitcoin and Ethereum. If DOGE were to break the downtrend, it could open the door to a longer-term move back to recent highs in the $0.10 area.