• Dogecoin price dropped by 20% since Elon Musk last tweeted about the digital asset.
  • On-chain metrics show that DOGE must stay above a critical support level to avoid collapsing. 
  • The network growth of Dogecoin is slowly fading away. 

Dogecoin price had a massive 30% spike on April 1 after Elon Musk tweeted that SpaceX will put a literal Dogecoin on the moon. However, this move didn't last long, and practically all gains were lost within the next 48 hours. 

Dogecoin price at risk of plummeting down to $0.5

On the 4-hour chart, Dogecoin has created a strong support trendline that currently coincides with the 50-SMA and the 100-SMA at $0.056. The digital asset must stay above this critical point to avoid an 11% drop towards $0.05 as there is almost no support below.

doge price

DOGE/USD 4-hour chart

The In/Out of the Money Around Price shows a similar story with the most crucial support area between $0.055 and $0.057, which has 8.5 billion DOGE in volume. The IOMAP model indicates that Dogecoin has extremely weak support on the way down towards $0.048. 

doge price

DOGE IOMAP chart

Additionally, the number of new addresses joining the Dogecoin network has decreased in the past week despite a lot of social media presence. It is down by 4% and has established several lower highs since the beginning of March. 

doge price

DOGE Network Activity

Nonetheless, if DOGE bulls can manage to hold the critical support trendline at $0.056, the digital asset could see a significant rebound towards the previous high at $0.0592. 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Vitalik Buterin slams controversial gambling project ZKasino following scam allegations

Vitalik Buterin slams controversial gambling project ZKasino following scam allegations

Ethereum founder Vitalik Buterin took to Warpcaster, a new type of social network, to condemn ZKasino, a decentralized gambling platform based on Layer 2 Ethereum protocol zkSync.

More Cryptocurrencies News

Starknet jumps 2% after notice inviting specific groups to claim STRK airdrop

Starknet jumps 2% after notice inviting specific groups to claim STRK airdrop

Starknet Foundation addressed the groups within the STRK community that were unable to receive the token’s airdrop during the first round. The Layer 2 chain organized an airdrop event in February.

More Cryptocurrencies News

XRP price capped at $0.55 despite retail holdings nearing all-time highs

XRP price capped at $0.55 despite retail holdings nearing all-time highs

Ripple price (XRP) failed to break resistance at $0.55 early Wednesday as traders continue to digest Ripple’s recent response to the Securities and Exchange Commission’s (SEC) allegations of illegally selling XRP as a security. 

More Ripple News

Binance founder Changpeng Zhao could face three-year jail time

Binance founder Changpeng Zhao could face three-year jail time

US prosecutors are requesting Binance founder and former CEO Changpeng Zhao (CZ) to serve a three-year jail time, according to a Reuters report published Wednesday. 

More Binance News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP