The 21% drop in Dogecoin (CRYPTO:DOGE) has sparked concerns among traders and investors, as the crypto struggles to maintain key support levels needed to prevent further subsidence.
| Cryptocurrency | Prix | Market capitalization | 24 hour trend | 7-day trend |
| Dogecoin (CRYPTO: DOGE) | 0,2867 $ | $42.2 billion | -21,2 % | -29,3 % |
| Shiba Inu (CRYPTO: SHIB) | 0,00001987 $ | $11.7 billion | -17,9 % | -29 % |
| Pepe (CRYPTO: PEPE) | 0,00001987 $ | $6.5 billion | -19,7 % | -34,5 % |
Notes des traders : Crypto trader Kevin recalled his controversial prediction from November 13 that Dogecoin would fall to between $0.26 and $0.28, which has now been proven correct.
Despite the criticism, Kevin maintains his view that DOGE will eventually rebound from these levels to new all-time highs, although it will have to undergo a significant correction initially.
Kevin explained that on a weekly basis, Dogecoin appears to be undergoing a typical bull market correction, following an initial golden cross (a bullish technical indicator) that did not see an initial correction.
He noted that Dogecoin had already endured several 50% corrections in previous cycles.
A 45% pullback to macro support in the golden pocket could align with past trends and indicate a continuation of the uptrend.
However, Kevin pointed out that if DOGE closes below $0.26 on the weekly chart, it could signal serious structural problems in the market. Until then, the current decline is considered a normal correction in the bull market.
Statistics: Data from Coinglass shows that total liquidations over the past 24 hours stand at $85.7 million, with most of the $71.6 million coming from long liquidations.
DOGE derivative trading saw a 75% spike in volume, while open interest fell 33.3%, indicating waning investor interest in the cryptocurrency.
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