Dogecoin (DOGE) declines below key support – Is the meme coin hanging by a thread?
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After experiencing a lot of selling pressure for the best part of the year, Dogecoin (DOGE) has surged past a key support zone. The meme coin is now looking primed for a massive plunge and with the trend already being bearish, it would not be a surprise for DOGE to hit new lows. Here are some highlights.
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Dogecoin (DOGE) has slid below $0.15, a key support zone that bulls had protected fiercely in recent weeks.
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At the time of writing, DOGE was trading at $0.1448, down nearly 5% in 24-hour intraday trading.
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The meme coin is also way lower compared to the all-time highs it hit in 2021.
Data Source: Tradingview
Dogecoin (DOGE) – Is a wipeout coming?
The $0.15 support zone has been tested several times before. But DOGE managed to rally from there after bulls held strong. But this time round it seems downward pressure is simply too much.
We are watching to see how long the meme coin can stay below that threshold. If there is no decent upward momentum in the coming days, then it is likely that the dog themed token will slide further towards the $0.1 support.
Besides, Dogecoin was trading at nearly 85% lower from its all-time highs in 2021. Nonetheless, if bulls can defend this and push the price back to around $0.17, then a decent break-out is possible.
Should you buy Dogecoin (DOGE)
Dogecoin is a meme coin. It is therefore not driven by any underlying fundamentals. Instead, it is basically a speculative trading asset. Right now, there is a lot of volatility in the crypto market.
It is therefore not the right time to be holding a speculative asset. So, in case you want to buy something for the long haul, wait and see how the price action plays out for DOGE. If it pushes further towards $0.1, you can then get in.
The post Dogecoin (DOGE) declines below key support – Is the meme coin hanging by a thread? appeared first on Coin Journal.
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