Dogecoin News: In this article, we will give general information about the current status of Dogecoin (DOGE) and how it can be followed. It is currently trading around $0.16. You can take a look at the summary items below:
- Dogecoin has been experiencing heavy sales lately.
- The decline accelerated with the overall market decline on Monday.
- The decline could accelerate if it breaks below the current support level.
Dogecoin (DOGE/USD) price has fallen for the third consecutive year as the overall crypto market is in a slump. DOGE slumped to $0.1650, its lowest level since June 22. It has a market capitalization of over $21 billion, making it the eighth largest cryptocurrency in the world.
DOGE sales continue to accelerate
The cryptocurrency DOGE, which came out as a joke, has been under heavy pressure lately. Months after surging to an all-time high of $0.7395, it is down more than 77%.
This decline coincided with the general selling period of cryptocurrencies and caused further declines. For example, it is observed that the total market value of all cryptocurrencies tracked by CoinMarketCap has dropped from $2 trillion to around $1.18 trillion.
DOGE has struggled intensely with low volumes since demand for cryptocurrencies waned. In the last few months, total volume of all cryptocurrencies traded on major exchanges and brokerage firms like Robinhood has dropped more than 50%.
The main reason for the general selling pressure in this market is mostly due to the general fear of the Covid case, which continues to increase worldwide.
DOGE Price Analysis
We see that the Dogecoin price has experienced a steep decline recently. As a result, it fell below the moving averages (MA) on the 200-day and 50-day charts. It is currently trading at $0.166, which is a strong support level.
If it drops below $0.16, the second key support level is located at $0.10. If it falls to this level, there is a possibility of strong investments.