Dogecoin Drops 14% In March Amid Market Sell-Off

Dogecoin (DOGE) has experienced a decline, dropping to $0.1673 amidst a broader sell-off in the cryptocurrency market. The meme-inspired token has seen a decrease of over 1% in the past 24 hours and more than 14% for the month, indicating a reduction in retail-driven momentum and waning social media chatter.

Despite occasional large transactions and support from its dedicated community, DOGE has struggled to maintain sustainable upward momentum. Discussions on platforms like Reddit and X (formerly Twitter) have decreased, suggesting a moderation in speculative enthusiasm.

Some analysts are warning of a potential decline towards $0.1196, a key support level that could attract buyers if market sentiment stabilizes. As of March 30, DOGE is trading at $0.1685, down 0.40% for the day. The price action is currently confined within a symmetrical triangle, indicating that a breakout or breakdown could be imminent.

DOGE is currently testing key ascending trendline support near $0.1700. The 50-period Exponential Moving Average (EMA) at $0.1773 serves as dynamic resistance, reinforcing the coin’s bearish structure since late March. The Relative Strength Index (RSI) at 32 is entering oversold territory, which could indicate short-term stabilization or a relief bounce.

A sustained move below $0.1700 could accelerate downside momentum, pushing DOGE toward $0.1529 and potentially $0.1427. Conversely, a close above $0.1728 could open the door to a retest of $0.1824, and a triangle breakout above $0.1948 would shift the bias more decisively bullish.

Despite recent weakness, some market participants remain optimistic. Analyst @aionlinebiz highlighted a potential flag breakout reminiscent of DOGE’s 400% rally in September 2024. If history repeats, a surge toward $0.48, and ultimately $1.00, could materialize. However, such a move would require DOGE to reclaim resistance levels with strong volume and regain narrative momentum.

Adding to the intrigue, a new altcoin, Remittix (RTX), has launched its presale and is quickly gaining traction. Market chatter suggests RTX’s real-world utility could pose a threat to DOGE’s standing, especially as DOGE struggles to evolve beyond its meme coin status. While DOGE still commands strong brand recognition, investors are watching closely to see whether newer tokens with stronger fundamentals begin to outpace it in utility and price performance.

Dogecoin remains technically constrained and sentimentally fragile. While oversold signals point to a possible bounce, the broader structure suggests caution. A break below $0.1700 may accelerate the decline, while a close above $0.1728 could offer short-term relief. For investors, the current setup may present an opportunity—or a warning. The next few sessions could prove pivotal in determining whether DOGE regains its momentum or continues its descent.