How Low Will Dogecoin Price Go?

Dogecoin is trading at $0.166, almost 2% lower than when it started the day. Although the asset had a slight price improvement earlier, Sunday is shaping up for another bearish close.

The biggest memecoin was plagued by massive declines that saw prices retrace to critical supports. The latest rounds of declines started on Thursday with a more than 2% drop following a failed attempt to keep prices above $0.20.

DOGE’s downhill movement slowly worsened as it lost more value. It dipped from $0.19 to $0.17 on Friday and closed with losses exceeding 5%. The memecoin continued its descent during the previous intraday session, losing almost 6% and retracing to $0.16.

The cryptocurrency grapples with significant selling pressure around the vital level as indicators flipped bearish.

Memecoins See Tremendous Selling

Dogecoin is not the only memecoin grappling with significant selling pressure. The market cap of such as significantly declined over the last three months. Many are far from their previous highs and are struggling to hold on to key levels.

PEPE surged to a high of $0.0000283 on Dec. 9, following a 265% surge in thirty days. However, the uptick ended following this milestone, causing the asset to nosedive. It has been in freefall, dipping below November’s during the first half of March.

Although the cryptocurrency recovered, it is 75% lower than its December high. It broke above its fourteen-day high on Wednesday, surging above $0.0000092 but hit a brick wall afterward.

WIF is seeing a similar event play out. It may be one of the worst-hit tokens by the ongoing bearish state. It surged to a high of $4.79 on Nov. 13 but has since been on a downtrend. It broke below its September low and trades 68% lower. However, it lost a whopping 90% between November and March.

Solana, the center for meme coin launches, has since plummeted in price and revenue. Revenues on the chain have since significantly declined as traders and developers are less active. Many investors claim that the memecoin craze is gradually ending. Nonetheless, developers are launching fewer of such assets as many receive less attention and liquidity.

The memecoin economy or market is one of the worst hit by the ongoing bearish state of the crypto market. Dogecoin experienced tremendous increases during the previous year’s fourth quarter, gaining a whopping 364% and peaking at $0.48. The hike sparked speculations of the asset hitting $1. However, the prediction hit a brick wall shortly after it peaked.

The downtrend continued, sending the largest memecoin to new lows. It trades 66% lower than its previous high and shows no signs of recovery.

Fundamentals Remain Grim

It is worth noting that the crypto market surged as news of Donald Trump becoming the US President spread. The celebrations started days before the elections as it was clear to many who would be victorious.

News of a possible cryptocurrency reserves continued to spark hopes of a resuming the uptrend. However, traders took profit in the months following the polls. Failed expectation of a rate cut in January worsened the downtrend. February rolled in with news of the tariffs on several products, igniting the start of the trade wars.

The US economy has since been plagued by fears of recessions following the continued policies that many fear would affect the nation the most. Efforts to quell the bearish predictions failed as the announcement of further tariff strikes more fear.

POTUS recently announced 25% duties on autos and other commodities. The new tax will take effect in April. The most recent price declines may be in response to the impending situation.

It is also worth noting that some analysts ruled out the possibility of the market resuming its uptrend anytime soon. CryptoQuant’s CEO announced the start of the bear market a few days ago, increasing fears of further declines. Investors are closely watching several asset and wondering when they will bottom out.

Dogecoin One-week Chart Hints Slip Below $0.14

A look at the one-week chart indicates that the asset may see further decline, and return to 2024 lows. The image below shows several red candles, depicting the memecoin’s states since December. It registered two green candles over the last two weeks.

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