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Dogecoin Drops 3% as Broader Crypto Market Loses Momentum

Coin WorldFriday, Mar 21, 2025 8:44 am ET
1min read

Dogecoin (DOGE), the popular meme cryptocurrency, has seen a 3% decline in the past 24 hours, trading at approximately $0.167 during the early New York session on Friday, March 21. This drop comes as the broader crypto market loses its bullish momentum, with Dogecoin trapped in a falling trend since the second inauguration of the U.S. President. The demand for memecoins has significantly decreased in recent months due to notable web3 hacks and rugpulls.

From a technical analysis perspective, Dogecoin's price has been retesting a crucial support level within a macro rising channel established over the past two years. In the four-hour time frame, the price has been forming an ascending triangular pattern, indicating a struggle between buyers and sellers to establish dominance. According to crypto analyst Ali Martinez, Dogecoin is on the brink of a 16% drop towards the support level of around $0.14. This bearish sentiment is reinforced by Dogecoin's positive correlation with Bitcoin, which has also signaled further short-term bearish sentiment.

The fundamental outlook for Dogecoin remains robust, with over 6.1 million on-chain holders and dozens of global businesses accepting DOGE as a means of payment. The proof-of-work (PoW) secured memecoin has attracted more institutional investors, bolstered by the unwavering support from tech billionaire Elon Musk, who named the U.S. government efficiency department after Dogecoin. Despite the current market conditions, the Dogecoin ecosystem continues to thrive, supported by a strong community and increasing institutional interest.

Looking ahead, the future price movements of Dogecoin will depend on market sentiment and technical indicators. The current market conditions present a critical juncture for Dogecoin, with bulls needing to prevent a significant drop while bears eyeing further declines. The cryptocurrency's future price movements will depend on market sentiment and technical indicators, making it a volatile asset to watch in the coming days.

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DisabledScientist
03/21
DOGE's got 6.1M holders and growing. That's community power. But can it counterbalance the current bearish sentiment and tech indicators pointing down?
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rw4455
03/21
DOGE's support level feels like a ticking time bomb. Bears might feast soon. Anyone else thinking of hodling or is it time to cut losses?
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SHIT_ON_MY_BALLS
03/21
@rw4455 I'm still hodling a small DOGE bag. Not selling till I see a major dip. Gotta ride the waves, right?
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LufaMaster
03/21
@rw4455 How long you planning to hodl if bears take over? Curious about your target price.
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NRG1788
03/21
Institutional interest keeps DOGE afloat, but can big money alone prop it up when retail traders lose faith? Keep eyes peeled for shifts in sentiment.
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Educational-Mind-750
03/21
@NRG1788 True, big money can prop it up but retail traders' faith is hard to gauge.
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makeammends
03/21
@NRG1788 Retail traders can flip, bro.
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nrthrnbr
03/21
Hacked and rug-pulled, memecoins took a hit. Are investors spooked for good? Or is this a temporary blip in the crypto rollercoaster?
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LufaMaster
03/21
Musk's DOGE love keeps me HODLing, lads.
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SomeSortOfBrit
03/21
Dogecoin's fundamentals are solid, yet it's stuck. Sometimes feels like DOGE is caught in a never-ending meme whirlpool, susceptible to Musk's tweets.
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Turbonik1
03/21
Tech billionaire power moves: from $TSLA to DOGEgov. 🚀 Elon's fingerprints are everywhere. Is this enough to keep DOGE afloat when sentiment sours?
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CertifiedWwDuby
03/21
Doge's support level looks like a buy zone.
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elpapadoctor
03/21
DOGE could dip more, but I'm not panicking.
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confused-student1028
03/21
Hodl or fold? DOGE's future is murky, fam.
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No_Price_1010
03/21
Bro, market's shaky, I'm diversifying my bags.
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The_Sparky01
03/21
Musk's influence still looms large, but the broader market's bearish vibes are tough to ignore. What's your take on DOGE's correlation with BTC?
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sssauber
03/21
Dogecoin's dip is just a shake-off; resilient like a dog
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grailly
03/21
@sssauber Dogecoin just needs a Musk tweet boost; rocket fuel for the DOGE gang.
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ttforum
03/21
Musk's DOGE love keeps me HODLing, but gotta watch those tech indicators, can't just moonshot in blindly.
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Harpnut
03/21
DOGE might moon if Musk tweets fire again.
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