Following the crypto massacre that began early Tuesday morning and saw the crypto market lose more than $300 billion in market value, the DOGE price is down 13%.
The crypto bloodbath continues on Tuesday, with the cryptocurrency market losing up to $300 billion in market value. The price of DOGE has dropped 13% so far, and it is currently trading at $0.2289.
The large cryptos led the crypto market crisis, with Bitcoin falling as much as 8% to lows below the crucial $60,000 barrier.
The altcoin market is also in the red. In the last 24 hours, the altcoin space has lost more than $100 billion. Ethereum is down 12% and on the verge of crashing below $4,250, with a market valuation of less than $500 billion. Polkadot (DOT) has fallen the most, by more than 16 percent, bringing its weekly losses to more than 25%. Shina Inu (SHIB), one of the recent favorites and best performers, is also down 10%, having dropped out of the top ten cryptos.
DOGE/USD 1 Day Price Chart – Source: Coinmarketcap.com
Analysts are largely positive, claiming that the current market-wide correction is healthy, providing a chance for investors to profit on the dips.
Dogecoin bears are defending the downtrend line hard at the moment, aiming to send the price below the horizontal support line around $0.2340.
The 50-day Simple Moving Average (SMA) has been turned to resistance, and the RSI is nearing the oversold level around 37.43, implying that the bears are in complete control of the Dogecoin price.
The bullish breakout of the DOGE price will be verified if the meme coin pushes through the 50-day SMA and closes above the downtrend line at $0.26, which is supported by the 100-day SMA. This will be the first indication that the selling pressure is beginning to ease. The DOGE/USD price might then advance to $0.28 and subsequently to $0.2838, which is the 200-da SMA resistance.