DOGE price is down 13% following the crypto bloodbath that started early Tuesday morning that has seen the crypto market lose as more than $300 billion in market value.
Tuesdays crypto bloodbath continues as the cryptocurrency market wipes out as much as $300 billion in market value. DOGE price is down 13% so far to trade at the current price around $0.2243.
The crypto market crash was led by the big cryptos with Bitcoin plunging as much as 8% to lows below the $60,000 psychological level.
The altcoin market is also in deep red according to data from CoinMarketCap. The altcoin space has collectively lost more than $100 billion in the last 24 hours. Ethereum is down 12% and is threatening to tank below $4,000 and its market cap has slid below the $500 billion mark. Polkadot (DOT) has dropped the most over 16% extending its weekly losses to more than 25%. One of the recent favorites and best performers Shina Inu (SSHIB) is also down by 10% having lost a spot among the top 10 cryptos.
DOGE Price Dip Presents A Buying Opportunity For Investors
Analysist are generally bullish arguing that the current market-wide correction is a healthy that is giving investors an opportunity to get on in the dips.
At the moment, Dogecoin bears are aggressively defending the downtrend line as they focus on pushing the price below the horizontal support line at $0.2240.
DOGE/USD Daily Chart
The 50-day Simple Moving Average (SMA) has been flipped to resistance and the RSI is near the oversold region at $37.43 suggesting that the bears are firmly in control of Dogecoin price.
DOGE price bullish breakout will be confirmed if the meme coin pushed past the 50-day SMA to close above the downtrend line at $0.26 embraced by the 100-day SMA. This will be the first sign that the selling pressure may be reducing. The DOGE/USD price could then rise to $0.28 and later to the 200-da SMA resistance at $0.2838.