Dogecoin price forecast: key support lost, death cross likely
Release: 2024/06/19 00:09 Reading: 226
Dogecoin Price Plunges Amidst Market Downturn
Dogecoin continued its downward trajectory on Tuesday, mirroring a broader decline in the cryptocurrency market. DOGE reached a low of $0.1140, its lowest point since March 1st, 2024. This represents a near 50% drop from its yearly peak.
Factors Driving the Sell-Off
- Shift in Trader Focus: Attention among meme token traders has shifted towards newer options such as Pepe, Dogwifhat, and Brett, leaving traditional meme tokens like DOGE struggling.
- Bitcoin's Performance: The lack of upward momentum in Bitcoin, the world's largest cryptocurrency, has impacted Dogecoin's performance. Attempts to surpass the $72,000 resistance level have been unsuccessful.
- Federal Reserve Concerns: The Federal Reserve's signals of only a single rate cut have raised concerns, as Dogecoin and other risk assets tend to perform well under dovish conditions.
Technical Analysis
The daily chart for DOGE indicates that the upward momentum peaked at $0.2290 in March, aligning with Bitcoin's record high. The current downtrend has pushed the coin below the Andrew's Pitchfork tool and the critical support level of $0.1208.
- RSI (Relative Strength Index): Has fallen into the oversold territory (below 30) for the first time this year.
- Awesome Oscillator: Has remained below the neutral level since June 8th.
Price Forecast
The continuation of the sell-off seems likely, with sellers targeting the psychological support of $0.10. A break below this level could potentially lead to a decline towards $0.0750, the lowest point reached in January.
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