Following a significant market downturn affecting Bitcoin (BTC) and Ethereum (ETH) – exceeding 4% – Dogecoin (DOGE) has breached a crucial support level, signaling a potential substantial price drop. On March 10, 2025, the broader cryptocurrency market experienced a noticeable decline following the US market open.

DOGE's Current Price Momentum

DOGE has fallen over 6.5%, breaking below the key $0.17 support and currently trading below $0.16. This marks the first time in three months DOGE has traded below this level.

Dogecoin (DOGE) Price Analysis and Future Projections

Technical analysis suggests a bearish outlook for DOGE, as it failed to maintain the $0.17 level. Based on recent price action and historical patterns, a further 20% drop to $0.125 is considered a strong possibility in the coming days.

Source: Trading View

Currently, DOGE's Relative Strength Index (RSI) is below 26, indicating oversold conditions and a lack of upward momentum. Furthermore, its 200 Exponential Moving Average (EMA) remains significantly above the current price, reinforcing the downtrend.

$31 Million DOGE Outflow

Despite the bearish market sentiment and price decline, on-chain data from Coinglass reveals a notable $31 million outflow of DOGE from exchanges in the last 24 hours. This suggests potential accumulation by investors.

Source: Coinglass

This outflow, amidst a bearish market, could signal a buying opportunity and potentially trigger a future price rally.