The cryptocurrency world is having a tough weekend. The total market value of the crypto money world has dropped 12% in the last 24 hours, falling to $ 1.57 trillion at the time of this writing. While many of the altcoins in the market are losing dogecoin On the other hand, it lost 22% of its value in one day and was seriously injured.
The altcoin, which suddenly dropped from $0.156 to $0.121, fell by 32.27% on the weekly chart, becoming one of the altcoins worst affected by the correction movement in the cryptocurrency world.
Are Dogecoin’s Glorious Days Gone?
DOGE, which fell below $ 0.128 at the time of this writing, thus fell to its lowest level since April 2021. With the meme coin frenzy in April of last year, the DOGE price rose from $0.07 to $0.40 within two weeks.
Analyzing a lower timeframe chart, Dogecoin, which exhibits descending lows, shows no signs of slowing down, according to experts. DOGE, which started last year with a price of less than $0.01, broke a record by leaping to $0.74 on May 8 with its subsequent rally.
However, Dogecoin’s RSI indicator was also hit and re-entered the oversold zone. The decline in the overall cryptocurrency market came after the Bitcoin price lost as much as 8.12% during the day. BTCIt is currently trading at $34,632.
According to experts, DOGE’s outlook continues to be in favor of the bear, as panic sales continue in the market.
*Not investment advice