Dogecoin

Rally

Drops

Daily

<ul class="wp-block-list">
 <li><strong>Dogecoin (DOGE) dropped over 10% in the last 24 hours, bringing the price down to around $0.1606.</strong></li>
 <li><strong>The decline follows a broader market dip led by Bitcoin, which fell back to $69K, causing the overall crypto market to drop by 3.2%.</strong></li>
</ul>
<p>Dogecoin (DOGE) enthusiasts saw a brief glimmer of hope as the popular memecoin surged to six-month highs, hitting close to $0.1792 on October 29th. This peak, similar to levels last seen in April, was driven by a single social media post by tech billionaire Elon Musk. Featuring himself with a DOGE avatar, <a href="https://thenewscrypto.com/is-elon-musk-behind-the-latest-dogecoin-price-jump/" target="_blank" rel="noopener noreferrer nofollow">Musk’s post</a> on X (formerly Twitter) sent the token soaring, with buyers rushing in on the excitement. But just as quickly as the rally began, it stumbled, with Dogecoin now experiencing a sharp decline of over 10% in the past 24 hours.</p>
<p>At the time of writing, Dogecoin priced at $0.1606, with a market cap of $23.54 billion. Daily trading volume remains high, up about 24% to $2.4 billion, indicating active trading. The drop in the DOGE comes as the global crypto market followed Bitcoin’s lead, which dipped back to $69K zone, pushing the total market down by 3.2% over the same period.</p>
<h3 class="wp-block-heading" id="h-dogecoin-hints-at-continued-selling-pressure">Dogecoin Hints at Continued Selling Pressure</h3>
<p>The technical indicators suggest DOGE may continue facing challenges in the near term.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="458" src="https://thenewscrypto.com/wp-content/uploads/2024/11/image-1-1024x458.png" alt="" class="wp-image-112447" srcset="https://thenewscrypto.com/wp-content/uploads/2024/11/image-1-1024x458.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-1-300x134.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-1-768x343.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-1-1536x687.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/11/image-1.png 1552w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p>According to the 4-hour price chart, Dogecoin’s MACD (Moving Average Convergence Divergence) has dipped below its signal line, pointing to a <a href="https://thenewscrypto.com/dogecoin-doge-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">bearish sentiment</a>. Additionally, Dogecoin’s price remains below both the basis and upper line of the Bollinger Bands, hinting at potential price weakness. Further, the 9-day EMA (Exponential Moving Average) signals a bearish trend, indicating that selling pressure could push DOGE to test its next support level near $0.150.</p>
<p>Despite this pullback, a recovery remains possible if buyers re-enter the market and push the price above the 9-day EMA. If this happens, DOGE’s next resistance level to watch would be around $0.173, aligning with its recent high. For now, however, the memecoin remains under pressure.</p>

Dogecoin Rally Fades as Price Drops Over 10% Amid Bitcoin Slump

Table of Contents

TheNewsCrypto

Other articles published on Nov 1, 2024

Dogen Gains 80% in a Month — XRP and SHIB Investors Take Notice as Presale Heats Up

ChatGPT wants to take on Google, and Microsoft with new launch

Injective Unveils AUSD: The First Native Stablecoin on Its Blockchain

Happy Halloween

Meme Coin News: Floki Inu Rebounds After Slow Week, Traders Alerted Of Cutoshi Uptrend

The Future of Decentralization: Homnifi’s Vision

Join our free newsletter for daily crypto updates!