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Dogecoin (DOGE), drops below key support

After experiencing a lot of selling pressure for the best part of the year, Dogecoin (DOGE) has surged past a key support zone. DOGE is poised for a major plunge, and the trend being bearish already suggests that DOGE will likely hit new lows. These are just a few highlights. Dogecoin has fallen below $0.…

  • After experiencing a lot of selling pressure for the best part of the year, Dogecoin (DOGE) has surged past a key support zone. DOGE is poised for a major plunge, and the trend being bearish already suggests that DOGE will likely hit new lows. These are just a few highlights.

  • Dogecoin has fallen below $0. 15, a key support zone that bulls had protected fiercely in recent weeks.

  • At time of writing, DOGE traded at $0. 1448, down nearly 5% in 24-hour intraday trading.

  • The meme coin is also way lower compared to the all-time highs it hit in 2021.

Data Source: Tradingview

Dogecoin (DOGE) – Is a wipeout coming?

The $0. 15 support zone has been tested several times before. After bulls held firm, DOGE was able to rally from there. However, it seems that downward pressure is just too much this time.

We are monitoring to see if the meme coin can maintain that level. If there is not any upward momentum, it is possible that the token with the dog theme will slip further towards $0.1 support.

Besides, Dogecoin was trading at nearly 85% lower from its all-time highs in 2021. If bulls can protect this and push the price to $0. 17, then a decent break-out is possible.

Should you buy Dogecoin (DOGE)

Dogecoin can be described as a meme coin. It does not have any underlying fundamentals. It is a speculative trading asset. There is currently a lot volatility in the crypto market.

It is not the best time to hold a speculative investment. If you are looking to purchase something long-term, then wait to see what the DOGE price action is. If the price moves further towards $0.1, then you can get in.

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