Dogecoin (DOGE) Crucial Test Looms Amid Market Selloff: Details

Key Points

1. Dogecoin is entering its fifth consecutive day of decline, approaching its 200-day Simple Moving Average (SMA), a key indicator for gauging asset trends.

2. The current intraday low for DOGE is $0.222, with the price hovering just above the 200-day SMA, signaling a potential decisive retest soon.

3. A bounce from the 200-day SMA could lead to a renewed rally, while a breakdown may indicate extended downside risk for Dogecoin.

4. The broader crypto market sell-off has led to $536 million in liquidated positions, with Bitcoin dropping below $116,000.

5. DOGE is trading at $0.224, down 5.98% in the last 24 hours, reflecting the overall market downturn.