Cryptocurrency on the theme of dogs DOGECOIN (DOGE) Records significant drops because the cryptography market faces the sales pressure.
Dogecoin has now lost more than 15% of its value in the past two days after a sharp decline at the start of the week continued during the negotiation session early Tuesday.
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The decline made Dogecoin drag below the simple 200 -day mobile average (SMA) at $ 0.24 for the first time since October 2024. This key technical level had previously acted as a solid support area for the Dogecoin price .
The wider market of cryptography remains volatile, which exerts pressure on the price of Dogecoin. Bitcoin fell below $ 90,000, reaching its lowest assessment since mid-November. Other cryptocurrencies have dropped, including Dogecoin, which is considerably down for the day. At the time of writing the editorial staff, DOGE has dropped by 14% in the last 24 hours to $ 0.199. An index according to the main digital tokens has been ready for its greatest drop of four days since early August.
Altcoins were under pressure while investors are looking elsewhere, the sector still being shocked by the bybit’s attack last week. Since mid-December, most tokens have lost between 30% and 80%.
Dogecoin price action
Mastiff Hold its downward trend; After a major change in the negotiation session on Monday, the cryptocurrency slipped below the Daily SMA 200 to 0.24 $. The slide continued in Tuesday session, with prices affecting lows of $ 0.195.
Ali, an Crypto analyst, underlines the importance of the support of $ 0.19. According to Ali, if Dogecoin drops below $ 0.19, the probability of a deeper correction to $ 0.060 increases considerably.
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Unlike this hypothesis, if the Dogecone price approaches this support line and recovers the daily support of SMA 200, this could indicate that the sales pressure is relaxed. Dogecoin can try to rally to the SMA of 50 days of $ 0.30, where he could meet a resistance.