Dogecoin Future In Question: What’s Next After Today’s Price Drop?

Christian Encila

Last Updated: September 11, 2023 2:00 pm

3 mins read

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Dogecoin (DOGE), the beloved meme cryptocurrency that has captured the hearts of retail traders and internet enthusiasts, faced a critical juncture today as it witnessed a significant bearish breakdown below its key ascending support trendline. This trendline, which had offered a glimmer of hope to DOGE holders, seemed to be the last line of defense against a further price decline.

In the latest price analysis, DOGE recorded a 6% dip, pushing its value below the pivotal support trendline. At the time of writing, Dogecoin was trading at $0.061346 according to CoinGecko, reflecting a 0.9% decline in the past 24 hours and a 3.6% slump over the past week.

DOGE Bearish Territory Looms

Typically, such a break below a crucial support level grants sellers an enhanced edge in the market, potentially pushing DOGE further into bearish territory. However, amidst the price decline, the daily candle revealed an intriguing twist. Dogecoin experienced a stark rejection near the $0.06 threshold, signifying that buyers were jumping in at these lower price points.

The broader altcoin market also experienced a decline on Sunday, partially fueled by anticipation over crucial regulatory developments. Regulatory concerns have been weighing heavily on the cryptocurrency space, leading to increased volatility and uncertainty.

DOGE market cap currently at $8.5 billion. Chart: TradingView.com

Furthermore, the Grayscale Ethereum Trust (ETHE) made headlines as it saw its discount to net asset value narrow to the lowest point in a year. This development, alongside the broader market sentiment, has raised questions about the future trajectory of cryptocurrencies like Dogecoin.

What Lies Ahead For Dogecoin?

As Dogecoin grapples with this significant breakdown of its support trendline, many in the cryptocurrency community are left wondering about its immediate future. Will the rejection near the $0.06 mark be enough to spark a reversal, or is DOGE headed for an extended correction?

DOGE seven-day price action. Source: Coingecko

Keeping An Eye On DOGE Price Movement

In the world of cryptocurrencies, sentiment can shift rapidly, and a single piece of news or a notable price move can alter the course of a coin’s trajectory. As such, traders and enthusiasts alike will be closely monitoring Dogecoin’s price action in the coming days to determine whether this beloved meme coin can bounce back from this setback or if it will continue to tread in bearish territory.

Dogecoin’s recent bearish breakdown below its support trendline has raised concerns among its holders and the wider cryptocurrency community. While the rejection near the $0.06 threshold provides a glimmer of hope, the altcoin market remains highly sensitive to regulatory developments and external factors.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.