Dogecoin Price Plunges to $0.32! Can It Avoid a $0.26 Support Test?

Impact of Trump's Inaugural Address on Cryptocurrencies:

During his inauguration as President of the United States, Donald Trump made no mention of cryptocurrencies in his speech. This omission sparked a significant overnight correction in the crypto market, causing Bitcoin to retest its $102,000 level.

Memecoin Correction:

The memecoin segment witnessed the most severe correction, with Trump-themed meme coins plunging by over 30%. Dogecoin, the largest memcoin, also suffered, breaking below a key support trendline.

Dogecoin Price Action:

Dogecoin's price has been trending downwards for the fourth consecutive day, indicating increased bearish sentiment. It has lost approximately 9% in the past 24 hours, accompanied by a 23% decline in intraday trading volume.

Technical Analysis:

The Moving Average Convergence Divergence (MACD) indicator shows a steady decrease in the green histogram, while the averages approach a bearish crossover on the daily timeframe. This suggests growing negative pressure on Dogecoin.

The Simple Moving Average (SMA) indicator aligns with this bearish trend, indicating a potential loss of momentum for Dogecoin.

Price Predictions:

Bullish Scenario:

• If a bullish trend reversal occurs, Dogecoin could retest its resistance level at $0.385.
• Increased investor interest could push the price towards an upper resistance level of $0.440.

Bearish Scenario:

• If bearish momentum continues, Dogecoin could retest its support level at $0.325.
• Prolonged negative sentiment could lead to a drop towards a lower support level of $0.265.

FAQs:

• Does Dogecoin still have a future?

  • With increased adoption and bullish sentiment, Dogecoin could reach a maximum value of $3 by 2030.

• Will Dogecoin reach $1?

  • Amidst increased adoption and favorable policies, Dogecoin could hit $1 this year.

• What will Dogecoin be worth in 5 years?

  • Dogecoin's value could range between $1.59 and $2.63 in 2029.