Dogecoin (DOGE/USDT) Crashes 27% in New Crypto Market Selloff

Dogecoin crashed more than 27% on Monday after China’s Monday crypto ban expansion hit major altcoins very hard.

In a short video now going viral, a Doge-sponsored NASCAR race car was seen crashing on the 2021 Xfinity Series Race in Nashville. The car was said to be sponsored by several Doge holders, and just as the car ended up crashing into a pole, it appears Dogecoin has done the same thing.

Monday’s crash broke below the ascending trendline support, which had held nicely since 24 April. Price has now burst through this barrier and the next one at the 0.2437 price mark, as sellers continue to pound the pair.

Technical Levels to Watch

The Dogecoin price prediction of a potential drop towards 0.15 requires that the bears break down the support at 0.2195. So far, this has been holding as support since late April, but it is now facing severe pressure. Price had been as low as 0.0619 in early April. This level may come into view once more if the price cascades lower than 0.15 and 0.10. 

On the other hand, a bounce on 0.2195 may prompt a recovery towards 0.2437 and potentially 0.30147. Further advance targets 0.3495 before the resistance zone at 0.3939/0.43470 comes into the picture as a new upside barrier.

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Dogecoin (DOGE/USDT) Daily Chart

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