Will Dogecoin price drop below 10 cents? You might not like the answer...

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.

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**Fig.1** DOGE/USDT 1-week chart showing the downtrend of DOGE – TradingView

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.