Dogecoin (DOGE) experienced a sharp decline, falling 12.39% over 24 hours to a price of $0.102. This drop significantly underperformed an already weak broader cryptocurrency market, highlighting a pronounced flight from riskier assets.
The sell-off is part of a larger rotation out of altcoins, as evidenced by the Altcoin Season Index dropping to a low of 30. Broader market losses and Dogecoin's price breaking below both its 30-day and 200-day moving averages have intensified bearish pressure on the meme coin.
Analysts warn that if DOGE fails to hold the $0.10 support level, it could face a further test down to $0.094. For any sign of early stabilization, the coin would need to reclaim the $0.1038 level. Ultimately, the future direction of Dogecoin is expected to be heavily influenced by the overarching trend of Bitcoin, which continues to drive sentiment across the crypto market.
