Dogecoin Plummets 13% Amid Broader Crypto Sell-Off

The Dogecoin price has been experiencing significant losses across various timeframes as the broader crypto market faces increased selling pressure. The memecoin has been one of the poorest performers in recent months, with bulls struggling to push its price above critical levels.

At the time of writing, Dogecoin is trading at $0.17, reflecting a 13% loss over the past week. On shorter timeframes, Dogecoin has seen a 3% decline, second only to Solana.

According to top analyst Eliz, Dogecoin is at risk of falling into a dangerous area if it fails to sustain its current price. This ‘alarm zone’ is around $0.14. If bulls cannot defend this area, Dogecoin could fall further into the $0.12 to $0.08 range, revisiting levels last seen in 2024.

Eliz remains hopeful that if Dogecoin hits the ‘alarm zone,’ it might rebound and reclaim its current levels, potentially rising slightly towards the $0.20 area. However, the bullish momentum might push Dogecoin to previous highs on lower timeframes, entering the $0.20 to $0.24 range. Traders are advised to remain cautious and closely monitor the upcoming price action before taking any positions.

Chris Burniske, a former lead crypto analyst, believes the altcoin sector is showing strength despite the Bitcoin sell-off. While Bitcoin appears to be cooling off, Burniske notes that Ethereum and Solana remain relatively healthy. This could favor a Dogecoin price rebound, even if the crypto hits the ‘alarm zone.’ Burniske suggests that the current altcoin cycle hints at potential gains for Dogecoin and other cryptocurrencies, stating that Ethereum is showing more strength than acknowledged and Solana is processing major unlocks without much issue. The dynamics of this bull run are different from prior runs, largely due to altcoin fatigue, memecoin mania, and traditional finance finally understanding the market, but the bull run is still alive.