Dogecoin was one of the most famous cryptocurrencies back in 2021. Thanks to Elon Musk and the bullish crypto market, Dogecoin managed to reach an all-time high price of around $0.70. However, speculators who bought DOGE at low prices started to close their positions, leading prices to fall heavily. Additionally, the crypto market did not help as well as it entered a bear market. At a current price of $13 cents, Dogecoin price can break the psychological price of $10 cents lower. Why is Dogecoin price down? Will DOGE continue lower? Here’s your answer.
What is Dogecoin crypto?
Dogecoin is one of the best-known cryptocurrencies on the market. Not because of its technical peculiarities but the project was launched as a parody of cryptocurrency to counter the hype surrounding Bitcoin and various other new cryptocurrencies with something humorous. It is an open-source cryptocurrency that is utilized by internet users globally. The structure is based on Litecoin, indicating that all developments will also be made to Dogecoin.
Will Dogecoin fall below $10 cents?
Dogecoin price has previously tested the $0.10 support and received a strong bullish reaction there. This reaction allowed the price to reach the $0.16 – $0.18 resistance area. However, with the Dogecoin price being rejected, we expect the price to drop to the next support or break the $0.10 support to continue the downtrend. The next support stands around $0.0875, which is why we anticipate a sustained break of the $0.10 support in the near future. There could be a short-term sideways phase between $0.10 and $0.0875, however, it is not possible to say for sure until now.
Dogecoin price prediction – Where will DOGE reach next?
Overall, the downward trend will very likely continue for a few more months if the crypto market does not recover. Based on this, we also anticipate that Dogecoin price will break the $0.0875 support sooner or later. Once that happens we see prices around $0.05. There is the next support on the chart where some buyers may be waiting to place buy orders.
