Dogecoin has moved from trading at $0.26 to now struggling with a $0.24 price level, a 12% drop from its previous level amid a bearish market twist.
By Godfrey Benjamin
Editor Julia Sakovich
Updated
3 mins read
From $0.26, canine-themed meme coin Dogecoin DOGE $0.22 24h volatility: 8.0% Market cap: $33.60 B Vol. 24h: $10.93 B has seen its price plummet to $0.24. This sharp dip, which represents about 11% of the coin’s initial value, happened during the trading session that extended to July 24. It is quite clear that DOGE is faced with sustained institutional sell pressure and extreme volatility.
Over the last couple of months, the top dog mem ecoin has been stuck in a narrow price range between $0.17 and $0.21.
All of a sudden, Dogecoin got entangled in the broader crypto market rebound, recording a rally of approximately 77.7% in 30 days. This brought the price of the digital asset to $0.24, and it attempted to break through this level, at least to reach the psychologically important $0.25 level.
Fortunately for DOGE, July became the month when it gained the required momentum to break through the $0.25 to $0.26 mark. This was the period when Bit Origin Ltd raised $500 million for the Dogecoin treasury, signaling growing institutional interest.
The resulting surge opened up the memecoin for a couple of short-term price targets. According to a tweet posted by crypto trader Ali Martinez, sustaining the $0.25 neckline level is crucial for Dogecoin’s price to reach $0.33 and $0.40.
If it is unable to maintain this level, he claimed DOGE may revert to the $0.17 and $0.21 levels. However, market watchers do not believe the ecosystem lacks the fundamentals to propel further gains.
At the time of writing, DOGE was trading at $0.2325, according to data from CoinMarketCap. The current price level represents a 12.7% decline over the last 24 hours. The coin’s RSI and Moving Average indicators shows signs of bearish distress at play.
Dogecoin Daily Price Chart | Source: TradingView
Generally, altcoins are currently experiencing some fragility in market sentiment, which stems from macroeconomic concerns. Precisely, global trade tensions and hawkish policy tone are exacerbating risk-off flows. Investors are disappointed with the current market situation.
It is worth noting that the Federal Reserve’s determination to either lower interest rates or not at its meeting at the end of July could serve as the most significant near-term catalyst for Dogecoin price.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
