Dogecoin Plunge Alert: Can the $0.17 Lifeline Save the Meme Coin From Collapse?
Dogecoin''s price just sliced through $0.20 like a hot knife through butter—now traders are sweating over whether the $0.17 support will trigger a rebound or become another casualty in crypto''s endless volatility circus.
The meme coin that refuses to die
DOGE bulls are clinging to the $0.17 level like Wall Street bankers to their bailouts—a psychological floor that could either spark a rally or confirm bears have taken control. With no fundamental news driving the drop, technicals are calling the shots.
Volatility isn''t a bug—it''s a feature
Welcome to crypto, where ''support levels'' are just suggestions and 20% swings count as normal market behavior. Whether this is a healthy correction or the start of something uglier depends entirely on whether Bitcoin decides to play nice this week.
Remember: in a market where Elon''s tweets move needles more than earnings reports, maybe we''re all the memes here.
Dogecoin price chart
Dogecoin is now trading below the 23.60% Fibonacci retracement level at $0.17718. Its current market price is $0.1740, reflecting a 3.95% drop on the day.
As the pullback intensifies, pressure is building on the local support trendline and the $0.17 demand zone. While optimistic traders are looking for a potential double-bottom reversal at $0.17, the broader market sentiment increases the risk of a breakdown.
The MACD and signal lines have failed to form a bullish crossover and continue to trend downward, with a rising number of bearish histogram bars. Additionally, the continued decline in the 50-, 100-, and 200-day EMAs reinforces the bearish outlook.
According to Fibonacci levels, a deeper pullback to $0.1298 is possible. However, price action analysis suggests minor support at $0.1529. On the flip side, a potential reversal could target the 50-day EMA at $0.1976.
Bearish Imbalance in Dogecoin Derivatives
As the broader market sell-off gains momentum, Optimism in Dogecoin derivatives is fading. According to Coinglass data, open interest has dropped by 14.17%, falling to $1.80 billion.
Bullish sentiment among derivatives traders is also weakening, as reflected in the OI-weighted funding rate, which has declined to 0.0009%.
