Dogecoin Price Fit Drop 15% Below $0.19 If E Break $0.20
Dogecoin price dey face risk for big fall as e dey trade inside one declining channel and e dey face important support level for $0.20. Crypto analyst MadWhale talk say if price fall 10%, e fit break this support, fit trigger another 15% drop below $0.19, the next strong floor dey around $0.1845. The analyst say the downside pressure na from both technical and fundamental reasons. For fundamental side, proposal to cut DOGE issuance wey go reduce miner reward fit make miners waka go more profitable network, wey go make network security weak and make bearish feeling strong. Technically, as e dey stay inside the descending channel, e show say sellers still dey put pressure. Even though some positive proposals like Alex Spiro $200 million Dogecoin treasury plan dey, Santiment on-chain data show say development activity don stop, and Coinglass talk say daily trading volume low under $3 billion. Because of this, Dogecoin price momentum dey weak. Traders suppose watch the $0.20 support well; if e break sharply, e fit make price fall more and support the bearish outlook for DOGE short-term.
Bearish
Di technical an di article don tok sey market for Dogecoin go weak. For di technical side, di way DOGE dey trade inside one dropping channel dey show say e fit fall below di $0.20 support level, just like before wey dem see sharp 10–15% sell-off. For fundamental side, dem talk say dem wan cut di reward wey miners dey get, e fit make dem waka go to other networks wey get more profit, wey go make di network weak and people no go get better feeling. Also, development work stop and trading volume no dey reach $3 billion every day, dis show say no hope for price to go up. Even though dem get Dogecoin treasury worth $200 million wey fit make demand increase, dis kain thing dey take time before e fit make price move. Short term traders suppose prepare for more sell pressure and possible stop-loss to happen below $0.19. Long term, if dem fit start development again or use di treasury well, e fit reduce loss, but for now market still remain bearish.