Dogecoin has been on a tight recession in the past day, following a pullback from the broader market. In the past 24 hours, the broader crypto market has lost over $300 billion following a sudden pullback, and most cryptocurrencies are trading in the red zone. This pullback has erased most of dogecoin’s gains.
Dogecoin is trading at $0249 at the time of writing after a 13.1% dip in 24 hours.
Dogecoin Price Analysis
Dogecoin has been facing strong resistance during the recent crypto market rebound, with the coin failing to reclaim its all-time high. The coin has also been surpassed by Solana in market cap ranking and currently ranks eighth.
Dogecoin is currently facing strong bearish pressure from the broader crypto market. If these bears continue, we could see DOGE heading towards the next lower support level of $0.22. This is critical support for dogecoin because if it goes below this level, it will retest support levels of $0.18, triggering sell-offs.
Before the August market rebound, Dogecoin was trading at these levels, and if support fails to hold, we could see $0.18 being retested.
On the upside, we could see market bulls resume, and dogecoin could make an uptrend. The next resistance for dogecoin to break out of is $.26, and this will only be achieved if the broader market trend reverses. With market and buyer support, dogecoin could push towards $0.30 and beyond.
Despite dogecoin’s volatility, which is also common among other cryptocurrencies, the coin continues to amass more supporters and recognition. A dogecoin-themed restaurant was recently opened in Los Angeles that serves buns stamped with the doge logo. The restaurant also plans to launch other services where dogecoin will be the only accepted means of payment.
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