Dogecoin (DOGE) Hits Make or Break Level Amid 7% Price Drop
Main Idea
Dogecoin (DOGE) is at a critical support level after a 7% price drop, with its future price movement hinging on whether it stays above key technical levels.
Key Points
1. Dogecoin fell 6.53% in the last 24 hours to $0.247, aligning with a broader market downturn that saw $508 million in crypto positions liquidated.
2. The coin reached highs of $0.288 on Monday but is now testing critical support levels, including the four-hour daily SMA 50 at $0.2399.
3. If Dogecoin fails to stay above $0.2399, it risks falling below $0.19 or the four-hour daily SMA 200, which could lead to further declines.
4. The market downturn is partly attributed to profit-taking and anticipation of the U.S. Federal Reserve's July 30 meeting.
5. Dogecoin's recent performance is influenced by broader market trends, including liquidations and macroeconomic factors.
Description
Dogecoin price at crucial juncture as market faces profit-taking
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