Dogecoin (DOGE) Price: Meme Coin Crashes 21% as Crypto Market Sells Off

TLDR

• Dogecoin (DOGE) has crashed over 21% since last week, trading around $0.08
• Bitcoin and the broader crypto market are experiencing heavy selling pressure
• Investors are questioning Bitcoin’s effectiveness as an inflation hedge
• Dogecoin fell below key support levels at $0.10 and $0.0950
• The price hit a low near $0.080 with resistance forming around $0.0950

Dogecoin has experienced a sharp decline this week. The popular meme cryptocurrency dropped over 21% since last Friday’s close.

As of Thursday afternoon, Dogecoin was trading around $0.08. The token broke through several key price levels during the selloff.

The decline has affected nearly all cryptocurrencies this week. Bitcoin, the largest crypto by market cap, has also fallen sharply.

Dogecoin dropped below the $0.10 support level early in the week. The price continued falling through $0.0950 and $0.0850.

The token reached a low near $0.080 before seeing a small recovery. However, the bounce has been limited so far.

Technical analysts have identified a bearish trend line forming on the hourly chart. This trend line shows resistance at $0.0950.

The price is currently trading below the 100-hour simple moving average. This technical indicator suggests continued bearish momentum.

Market Pressure Hits Crypto Sector

Bitcoin’s struggles have pulled down other cryptocurrencies. Investors are questioning whether Bitcoin truly acts as a hedge against inflation and currency debasement.

Tech stocks have also faced selling pressure recently. Cryptocurrencies often move in correlation with technology sector stocks.

Some market participants worry about artificial intelligence’s potential impact on blockchain technology. AI developments have been causing volatility in software stocks.

Key Price Levels to Watch

If Dogecoin attempts to recover, it faces immediate resistance at $0.090. The next major barrier sits at $0.0950 where the bearish trend line is located.

A move above $0.0985 could open the door to $0.1050. Further gains might push the price toward $0.1120.

On the downside, support exists at $0.0850. The next support level is at $0.0820.

The main support zone is at $0.080. A break below $0.0750 could send the price toward $0.0720 or even $0.070.

Dogecoin remains one of the top 10 cryptocurrencies by market cap despite having limited real-world utility. The network functions primarily as a meme token with a dedicated community.

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