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DOGE koers stijgt na Elon Musk statement - kan Dogecoin 1 euro worden?

Dogecoin Falls Below $0.16: Here’s How Its Price Action Could Play Out

Scott Matherson
by Scott Matherson
4 months ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin’s recent market performance has added to growing concerns about the fading strength of the meme coin sector. Over the past 24 hours, the meme coin has plunged by nearly 4%, pushing its price below $0.16 for the first time since April. This slide now extends a month-long downtrend, during which Dogecoin has been dropping from $0.23 up until the time of writing. 

Dogecoin Price Slips Below $0.16

Multiple support levels have been breached along the way to Dogecoin’s recent crash below $0.16, including $0.21 and $0.18. Notably, Dogecoin’s price decline has intensified in the past two days, which has caused it to fall in market cap rankings and become overtaken by Tron. At the time of writing, DOGE is posting losses of about 36% in a 30-day timeframe.

Related Reading: Bitcoin On-Chain Metrics Crash To Bear Market Levels Despite Price Sitting Close To ATH

This latest correction is not just a Dogecoin-specific event but reflects a broader decline in the entire crypto industry. Bitcoin’s sideways trading near the $104,000 to $106,000 range has weighed heavily on altcoins, and Dogecoin has proven particularly vulnerable. Furthermore, fading meme coin enthusiasm has also played a role, with other meme coins like Shiba Inu and PEPE down by around 30% in the past 30 days.

What’s Next For DOGE?

Now that Dogecoin is officially trading below $0.16 again, the outlook is increasingly turning bearish. Technical analyst Ali Martinez, posting on social platform X, had previously pointed out the importance of Dogecoin’s previous price range between $0.16 and $0.22. 

As noted by the analyst, a daily close outside this price range would signal the next major directional move, which could be as much as 60% in either direction. That signal has now been triggered into a downside movement. According to Martinez, this breakdown could pave the way for a sharp 60% correction if selling pressure increases. The symmetrical triangle pattern visible on the daily chart, once a sign of neutral consolidation, has now tipped bearish.

Related Reading: Analyst Who Puts Dogecoin Price At $10 Reveals The Trend That Will Drive The Surge

From a technical perspective, this breach invalidates the previous range-bound support and opens up downside targets as low as $0.088, a level not seen since the early stages of DOGE’s rally in August 2021. The Fibonacci levels also reinforce this outlook, with the next significant support sitting around $0.13. Unless Dogecoin can witness a rapid recovery above $0.16 in the coming days, its price may be heading toward a much deeper retracement, one that could redefine its position in the current market cycle.

Dogecoin price

Image From X: @ali_charts

Nonetheless, hopes for a Dogecoin ETF are still active, but they have failed so far to offset the weight of the bearish price action. According to Bloomberg Intelligence analyst James Seyffart, the odds of the SEC approving a Spot Dogecoin ETF are now about 90%. Only Litecoin, Solana, and XRP have a higher approval chance of 95%. At the time of writing, DOGE is trading at $0.1565. 

Dogecoin price chart from TradingView.com
DOGE price stays close to local lows | Source: DOGEUSDT on TradingView.com
Featured image from Dall.E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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