Dogecoin (DOGE), which started as a joke but has grown into one of the most talked-about cryptocurrencies in the market, is currently facing significant price pressure.
Recently, some experts have warned that if the popular meme coin fails to hold key support levels, it could experience a sharp decline — potentially dropping as low as $0.06. Here’s why the upcoming weeks could be crucial for Dogecoin holders.
The Critical $0.17 Support Level
According to recent technical analysis shared by prominent cryptocurrency analyst @ali_charts, $0.17 represents a vital support level for Dogecoin. The price of DOGE has been fluctuating around this threshold, and if it fails to maintain this price point, it could trigger a much deeper fall. In essence, the $0.17 support level is seen as a make-or-break point for the cryptocurrency.
If Dogecoin breaks below $0.17 without reclaiming it as support, it would likely face more downward pressure, with analysts predicting a possible plunge toward the $0.06 mark. This prediction is grounded in technical analysis that highlights the potential for the price to fall through established support levels, especially when there’s no clear catalyst for upward movement.
Why $0.06 Is a Possible Target
The projected drop to $0.06 is based on technical indicators and historical price patterns. If Dogecoin loses its footing at $0.17, the next strong support level appears to be significantly lower — around $0.06. The reason this level is important is that it’s seen as a key point of previous price consolidations. A fall to this level would represent a severe loss for investors who have been holding the token, especially considering its highs in 2021.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/dogecoin-could-fall-to-0-06-if-it-fails-to-hold-this-support-level/