Dogecoin (DOGE): A critical moment, life and death at stake!
Dogecoin has had a tough time recently, with its value shrinking by over 40% since early March! The entire cryptocurrency market is under immense selling pressure, and macroeconomic uncertainty and market volatility have left investors rattled. Meme coins like DOGE are particularly hard hit, with bears aggressively shorting, leading to a continuous price decline with no signs of rebound.
On-chain data: A glimmer of recovery?
Despite the market slump, on-chain data reveals a glimmer of hope: in the past month, active addresses for DOGE have increased by 47%, soaring from 110,000 to 163,000! Historically, an increase in network activity often signals a price rebound, which may indicate that long-term holders are quietly bottom-fishing.
If this trend continues, once the market warms up, DOGE may see a rebound. However, the bulls need to put in more effort to get DOGE back on the bull market track.
Current predicament: A 70% crash, immense selling pressure
DOGE's current price is 70% lower than its peak last December, and the selling pressure remains enormous. As a high-risk asset, meme coins are the first to suffer in market panic. DOGE has yet to find a strong support level, and bulls will have to put in considerable effort to achieve a meaningful recovery.
Worse still, the entire cryptocurrency market is struggling in a downturn. Bitcoin (BTC) has been in a downward trend since the end of January, with panic spreading and investors lowering their expectations. If BTC's bull market cycle truly ends, meme coins like DOGE will face even more severe blows.
Outlook: Key support levels determine fate
DOGE's current price is struggling around $0.17, with key support at $0.15. If the bulls can hold this area, they may attempt to challenge the psychological resistance at $0.20, which would signal a reversal.
However, if selling pressure persists and DOGE falls below $0.15, the situation will worsen, potentially dropping to $0.10, a level not reached since early 2023.
Summary: DOGE is at a critical juncture, on-chain data brings a glimmer of hope, but selling pressure remains vast. The next few days are crucial; whether the bulls can hold the $0.15 support level will determine if DOGE rebounds or continues to plummet!
