Stunning Prediction! $DOGE may face a cliff-like drop, with a potential decline of 25%!
Dogecoin, this internet-famous cryptocurrency, may not be doing too well lately. If its daily closing price falls below $0.3, it could be quite troublesome, and bearish sentiments will rise sharply. Currently, more than half of the top Dogecoin traders are shorting the coin.
Speaking of which, Dogecoin is quite popular, but the recent market sentiment has not been favorable, combined with traders' bearish actions and the price trend being weak, this has cast a shadow over Dogecoin's future.
From a technical perspective, Dogecoin is currently stuck in a small range, which formed after it failed to hold the $0.35 level. If Dogecoin falls again and breaks through the $0.3 support, it could decline another 25%, potentially dropping to $0.22.
Looking at the traders' sentiment, their feelings have been affected by the continuous price drop. Now, the long/short ratio for Dogecoin has fallen to a very low level, the lowest since early December this year. Moreover, more than half of the traders are shorting, with less than half still holding long positions. However, some long-term holders are quietly buying, as they may see this as a good opportunity, indicating that Dogecoin could rebound in the future.
However, Dogecoin's price has now dropped to around $0.315, having fallen over 6.89% in the past 24 hours, and trading volume has decreased by 13%. This indicates that traders and investors may be hesitant to participate right now, preferring to wait and see.
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