Dogecoin Plunges 19% to Hit Lowest Value in a Month
- Dogecoin drops 19%, lowest value since November.
- Market liquidates US$1,4 billion in positions.
- RSI Signals Dogecoin Oversold, Critical Support at $0,20
The cryptocurrency market is facing a new wave of volatility, with Dogecoin leading the losses among major cryptos. In the last 24 hours, the meme coin has fallen 19% to a price of $0,267. his lowest value since November 10. This performance marks a 24% drop in the month to date, highlighting the intense selling pressure that Dogecoin has been experiencing.
At the time of publication, the price of DOGE was quoted at $0,3086 with a drop of 11.9% in the last 24 hours.
Other meme coins also saw significant declines over the same period. Shiba Inu fell 16%, Pepe Coin lost 17%, and Dogwifhat lost 18% of its value. Meanwhile, the Solana-linked Bonk token saw the smallest decline among meme coins, down 9%. This performance was partly attributed to the asset’s recent listing on Robinhood, increasing its visibility.
Dogecoin’s decline comes amid a broader correction in the cryptocurrency market. Bitcoin has fallen back to $94, marking a 13,4% drop from its record high three days ago. Ethereum and XRP have also seen significant declines, down 10% and 9%, respectively.
Data from CoinGlass shows that over $1,4 billion worth of positions were liquidated in the crypto market over the past 24 hours, with $1,2 billion of those liquidations concentrated in long positions. This reflects a bearish sentiment among investors, who have been selling their assets in large numbers.
Furthermore, technical indicators reinforce the negative scenario for Dogecoin. The coin’s relative strength index (RSI) reached a value of 19, signaling oversold market conditions. Experts warn that the price could fall further, testing the critical support of $0,20 if the current bearish momentum persists.
The decline was also intensified after the Federal Open Market Committee (FOMC) announced a 25 basis point interest rate cut, accompanied by comments from Chairman Jerome Powell indicating that additional cuts are not planned for 2025. The lack of additional economic stimulus negatively affected the cryptocurrency market, particularly speculative assets such as Dogecoin.
Despite the selling pressure, some analysts point to the possibility of a recovery if support levels are successfully defended. However, the market still remains cautious, waiting for signs of stabilization to resume an upward movement.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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