Dogecoin Price Dips Below $0.23, Is a Breakdown Imminent?

Dogecoin price has taken a sharp hit over the past 24 hours, sliding 5.82% to $0.2307. The memecoin now carries a $34.73 billion market cap, with trading activity surging 10.72% to $4.86 billion. DOGE price fluctuated between $0.2181 and $0.2451 in the last day, reflecting heightened volatility as market sentiment weakened.

This decline comes amid a broader risk-off mood in global markets. A hotter-than-expected U.S. Producer Price Index reading dampened hopes for Federal Reserve rate cuts. There by influencing investors to trim exposure to riskier assets. Worried about your DOGE holdings? Fret not, this analysis will give you potential price targets for the short term.

Dogecoin Price Analysis

Technically speaking, DOGE is showing signs of strain. The price has slipped below its 7-day simple moving average at $0.233 and failed to sustain above the 23.6% Fibonacci retracement level at $0.2638. It is now trading closer to the 38.2% retracement level at $0.2496 but struggling to build momentum.

The RSI has dropped to 48.29, a neutral reading that signals weakening buying interest. The recent breach of the $0.23 support, now flipped into resistance raises the risk of a further slide toward $0.21, a critical level highlighted on the 4-hour chart.

Bollinger Bands are tightening, suggesting an upcoming volatility expansion. If bulls fail to defend current levels, DOGE price could retest the $0.21 floor. Conversely, a decisive recovery above $0.235 would be needed to stabilize sentiment and reopen upside toward $0.25 and beyond.

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