- The price of Dogecoin (DOGE) dropped 2% over the past 24 hours.
- DOGE’s price drop saw the meme coin lose the support of the key level at $0.070461 on Monday.
- Technical indicators on the altcoin’s chart suggested that its price would continue to drop in the next 48 hours.
After a very turbulent week for the crypto space, many cryptocurrencies were trading in the red today according to CoinMarketCap. Dogecoin (DOGE) was not able to escape the effects of this and was down by more than 2% at press time.
As a result, the meme coin was worth about $0.06779, which is much closer to its daily low of $0.06688 than its 24-hour high of $0.06949. DOGE also ended up weakening against both market leaders Bitcoin (BTC) and Ethereum (ETH) by 0.85% and 0.51% respectively throughout the past day.
Furthermore, DOGE’s price drop pushed its weekly performance even further into the red at -5.25%. Meanwhile, the crypto’s 24-hour trading volume saw a drop of more than 35%, which left it standing at $263,297,868 at press time.
From a technical perspective, DOGE’s price dropped below the key support level at $0.070461 on Monday, where it continued to trade at press time. Since breaking below the key mark, the meme coin’s price has retraced to just above the next support level at $0.066663.
Technical indicators on DOGE’s daily chart suggested that the crypto’s price would continue to fall in the following 24-48 hours. The 9-day EMA line was positioned below the 20-day EMA line, which was an indication that DOGE’s price had entered into a short-term bearish cycle and its price would continue to decline.
In addition, the daily RSI line had crossed bearishly below the daily RSI SMA line in the past few days. As a result, the RSI line was also in oversold territory at press time.
Should these bearish technical flags be validated, DOGE’s price could fall below the aforementioned support level at $0.066663 in the next 24 hours. On the other hand, closing the next 2 daily trading sessions above this point will lead to DOGE’s price climbing back above $0.070461 in the next few days.
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