Dogecoin (DOGE) Could Face a 25% Price Decline, What’s Matter?
Chandan Gupta16 Nov 20242 min read
After a significant 105% upside momentum, the sentiment around Dogecoin (DOGE), the popular and largest meme coin has shifted. However, it appears to be preparing for another upside rally. Currently, the overall cryptocurrency market is struggling to gain momentum and has experienced a notable price decline, which seems like a price correction after recent gains.
Elon Musk and Dogecoin Recent Contribution
However, DOGE has gained significant attention after Elon Musk made a notable contribution to Donald Trump’s presidential election campaign. During that period, Trump proposed a new department called the “Department of Government Efficiency,” abbreviated as DOGE.
Since Trump was elected president of the United States, DOGE has received notable attention and significant accumulation from investors and traders. Recently, Trump announced that Musk and Vivek Ramaswamy will oversee the D.O.G.E. department.
Following this announcement, DOGE prices have remained unchanged, with no major rally or price decline witnessed by investors and traders since then.
DOGE Current Price Momentum
Currently, the meme coin is trading near $0.35 and has recorded a 10% price decline over the past 24 hours. At the same time, its trading volume has dropped by 30%, indicating lower participation from traders and investors as the price fell within the consolidation zone.
Dogecoinn Technical Analysis and Key Levels
According to expert technical analysis, the DOGE meme coin is at a crucial support level of $0.35 and is 3% away from a potential major price decline in the coming days. Based on recent price action and historical momentum, DOGE is currently consolidating within a tight range between $0.35 and $0.41.
If it breaks below the lower level of consolidation and closes a daily candle under the $0.35 mark, there is a strong possibility that DOGE could experience a significant decline in the coming days.
On the other hand, a potential bullish momentum could be observed if DOGE breaches the upper level of the consolidation zone and closes a daily candle above the $0.41 level.
These two levels are crucial for the meme coin, and traders and investors can now predict a potential DOGE rally based on its recent price momentum.
