DOGE Token Nears $0.18 Support After 5.87% Drop Amid Meme Coin Market Decline

Dogecoin (DOGEUSDT) experienced a 5.87% decline over the past 24 hours, with the current price at $0.17988 on Binance. This price drop is primarily attributed to broader weakness in the cryptocurrency and meme coin markets, as evidenced by a 4% decrease in total meme coin market capitalization and increased long liquidations for DOGE. Technical indicators, such as the RSI entering oversold territory, suggest a potential for a technical correction, while analysts note that DOGE is approaching a critical support level at $0.18, with the next ten trading days likely to be pivotal for future price direction. Market activity remains robust, with high liquidity and trading volume, and a circulating supply of approximately 149.56 billion DOGE. Despite recent volatility and downward pressure, Dogecoin continues to rank among the top ten cryptocurrencies by market capitalization.