Dogecoin price has recently struggled to maintain levels above $0.15, following a decline of 12% over the past week. The cryptocurrency was unable to hold the key $0.20 support level, contributing to its downward trend. Questions remain if the DOGE price will hover above $0.15 level or will crash further.
This fall reflects the general downward trend in the crypto market that fell 1.95% in the past 24 hours and 12% in the past week. The decrease of major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and XRP also indicated a larger market decline.
Dogecoin Price Approaches Key Technical Zone, Eyes Potential Surge
The price of Dogecoin is approaching a critical technical level since it is right on the verge of establishing a falling pattern. The price trend of Dogecoin indicates that it may be out of this structure, and, in the past, it was accompanied by strong growth. The meme coin holds an important support zone, an added factor to the expectation of a potential rebound.
The analysis shows that in case Dogecoin manages to hit out of the wedge, the coin may experience a jump like in the previous rallies that could see it increase more than 430%. As the market conditions took the right direction in this formation, most investors are closely observing whether DOGE can repeat or cause another significant price spike.
Source: Tweet21Shares Launches Leveraged Dogecoin ETF
21Shares has also launched an ETF that is leveraged and tracks Dogecoin, and the performance of this investment is twice the daily performance of Dogecoin, but the performance of the investment is minus the fees and expenses.
FalconX is acquiring 21Shares to integrate institutional trading and ETF expertise just as this launch occurs. FalconX desires to increase its operations in the U.S, Europe, and Asia-Pacific through the capabilities of 21Shares on crypto ETFs.
Russell Barlow will remain the CEO of 21Shares that would remain independent within FalconX. This is the second acquisition after FalconX made other acquisition,s such as Arbelos Markets and Monarq Asset Management.
What Next For DOGE Price?
The latest DOGE price is seeing a decline as it has dropped by 1%, currently sitting at $0.1506.
If Dogecoin price drops below the $0.15 level, it could test the next major support around $0.14. On the other hand, if it manages to reclaim the $0.15 support. The next resistance lies at the $0.17 to $0.18 range as per the full Dogecoin forecast report.
The Moving Average Convergence Divergence (MACD) indicates bearish pressure. The MACD histogram indicates a bearish trend as the blue line is below the orange line.
Source: DOGE/USD 4-hour chart: TradingviewThe indicator of ADX recorded at 36.57 implies that the trend is well-moving. The number suggests that the market has a directional movement, which would probably contribute to the underlying bearishness.
Source: https://coingape.com/markets/dogecoin-price-forecast-will-doge-hold-above-0-15-or-fall-lower/
