Dogecoin, the leading meme cryptocurrency, has experienced a 10.3% price drop in the last 24 hours, trading at $0.406. The sharp downturn raises concerns about the coin’s ability to maintain its $0.4 support level. Technical indicators are unfavorable, and the Fear & Greed Index indicates “Extreme Greed,” suggesting potential market overheating.
Market forecasts predict a 6.20% decline by January 9, 2025. However, the current price point may offer a buying opportunity. Despite the short-term bearish outlook, Dogecoin has demonstrated remarkable resilience over the past year with a 304.1% gain. Traders and investors are closely watching the $0.4 psychological support level.
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