DOGE price surged to $0.73 in 2021, largely supported by Elon Musk, marking the birth of meme coins. However, things didn’t go well afterward, and the price gradually declined. By 2023, the price had dropped to $0.06. Today, there is ongoing curiosity about whether the price can reach historic levels again.
Current DOGE Price
Dogecoin (DOGE) continued to decline today. The critical support level at $0.1184, visited four times since March 19, appeared on the charts again. This drop occurred after a 3% decline over the past 7 days.
Recently, there hasn’t been a noticeable upward movement in DOGE. Since June 19, the price has hovered around the support area.
As of the time of writing, DOGE is trading at $0.1188 after a 5% drop in the last 24 hours, with a market cap of $17.4 billion. Meanwhile, the trading volume increased by 25.71%, reaching $497.7 million in the last 24 hours.
This short-term decline and long-term increase indicate a short-term correction to DOGE’s key support level. The Stochastic RSI was in the overbought zone, suggesting a short-term correction on the horizon.
Analysis of break-even data provided by IntoTheBlock showed that despite recent declines, 75.77% of DOGE addresses were still in profit. This could indicate a period where investors might prefer to take profits in declining market conditions.
According to data provided by IntoTheBlock, exchange-directed movement was increasing. This rise in transactions indicated that investors were transferring DOGE to exchanges.
When combined with market declines, this situation became even more significant. Meanwhile, bears were seen taking advantage of this situation. Due to the pressure exerted by bears, DOGE revisited the critical level of $0.1184.
Future of DOGE
DOGE being at the support level increased risks, and the location of liquidity pools was crucial for predicting the direction of the next breakout.
Coinglass’s liquidation heatmap data showed movement below the $0.120 region, and losing the aforementioned support level could trigger a potential chain reaction of price declines.
Conversely, if bulls manage to maintain the support level and initiate an upward movement, DOGE could rise and test the resistance level at $0.132.
