Dogecoin (DOGE) price hasn’t been performing well lately as the DOGE day turned out to be a sell-the-news event. This was already pointed out in my last analysis, which was published just a few days before the ongoing slump. Since then, the price has retraced 13.5%, and there is a probability of an even bigger drop.
On Wednesday, cryptocurrencies had a breath of fresh air as BTC and ETH prices rebounded from their monthly lows. DOGE price also turned green today and was up 0.54%. At press time, the biggest memecoin was trading at $0.0802.
DOGE Price Tanked On DOGE Day
April 20 is celebrated by the Dogecoin community across the globe as DOGE Day. Many investors started to accumulate the top memecoin at the start of April in anticipation of a major price increase. However, the event turned out to be exactly the opposite, as the price dropped by 4.5% on April 20.
A major reason for the Dogecoin price decrease was a sudden drop in Bitcoin price, which triggered a sell-off in other cryptocurrencies. The biggest cryptocurrency failed to reclaim the key psychological level of $30,000 despite repeated attempts which were taken as a weakness by the markets.
Dogecoin Price May Retest March Lows
As visible on the following DOGE price chart, the coin has had a remarkable rally since its March 2023 slump. During this time, the price pumped by 67% outperforming most cryptocurrencies. However, the price is once again trending downwards after breaking its daily uptrend.
Another confluence for another downward move is the fact that the price has broken below the 200-day moving average. As evident from the following chart, the next major support lies at $0.065, which is more than 18% below the current price. To avoid this bearish outlook, bulls need to break above the $0.0828 level, where lies the 200 MA.
In the meantime, I’ll keep posting my updated SHIB & Dogecoin analysis in my free Telegram group that you’re welcome to join.
