Dogecoin (DOGE) Drops 6.5% as Crypto Market Declines

Dogecoin (DOGE) has experienced a significant decline, with experts predicting a potential 20% drop in its value. This downturn follows a broader market decline, where Bitcoin (BTC) and Ethereum (ETH) both saw price reductions of over 4%. The overall cryptocurrency market experienced a notable decrease following the opening bell of the U.S. market on March 10, 2025.

DOGE has dropped over 6.5%, falling below the key level of $0.17 and currently trading under $0.16. This marks the first time in the past three months that DOGE has fallen below this crucial level, indicating a loss of control over its price momentum. Technical analysis suggests that DOGE appears bearish as it has failed to hold the $0.17 level. Based on recent price action and historical patterns, this breakdown suggests a strong possibility that the asset could drop another 20%, reaching the $0.125 level in the coming days.

Currently, DOGE’s Relative Strength Index (RSI) is below 26, indicating that it is in an oversold zone and lacks the strength for a price recovery. Meanwhile, its 200 Exponential Moving Average (EMA) is trading far above, signaling a continued downtrend. Despite the bearish market sentiment and price action, the meme coin has seen a notable outflow from exchanges. Data from spot inflows and outflows reveal that, in the past 24 hours, exchanges have recorded an outflow of $31 million worth of DOGE, indicating potential accumulation.

Such an outflow in a bearish market suggests potential accumulation, which could create a buying opportunity and trigger a further upside rally. However, the overall market sentiment remains cautious. The Fear and Greed Index for DOGE is currently at an extreme fear level, indicating a high level of pessimism among investors. The technical indicators for DOGE also paint a grim picture. The price score, which analyzes the price trend, shows a downtrend market with a score of 34.5%. The volatility indicator is at 27%, suggesting moderate volatility in a bearish time. The volume indicator shows moderate selling volume, with a score of 29.5%. The impulse indicator, which measures the current price strength compared to previous values, shows a high bearish impulse with a score of 30