Dogecoin (DOGE) is currently trading below the $0.30 psychological level, raising concerns among investors. Analysts suggest that the meme coin is at risk of losing its $0.20 support, further intensifying bearish sentiment. According to on-chain analytics firm Santiment, DOGE is mirroring Ethereum in terms of declining social interest, which could lead to more downside pressure.
Dogecoin’s Social Sentiment Plummets
In a recent post on X, Santiment highlighted that DOGE and Ethereum are experiencing an extreme lack of social media attention. This means that traders and investors are shifting focus toward other cryptocurrencies, leaving DOGE with diminishing interest.
At the same time, Bitcoin remains the dominant topic in crypto discussions, while Cardano has recently seen an unexpected surge in engagement. In contrast, DOGE’s lack of presence in social conversations suggests a weakening market sentiment, which could impact its price negatively.
On-Chain Indicators Signal Bearish Momentum
DOGE’s price action reflects a downward trajectory, and the lack of buying pressure is evident. The meme coin recently lost its $0.30 psychological support, making it more vulnerable to additional losses. Furthermore, IntoTheBlock data shows a decline in Hodlers Balance, indicating that long-term holders are reducing their positions. This loss of confidence among long-term investors may trigger a significant sell-off, potentially leading to a major price crash.
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Is DOGE Still in a Bull Market?
Despite the ongoing correction, crypto analyst KrissPax remains optimistic about DOGE’s future. He pointed out that every falling wedge in the past 18 months has resulted in an upward breakout for the meme coin. Even with macroeconomic challenges like inflation, reduced rate cuts, and geopolitical factors, DOGE may eventually recover and push higher.
Similarly, analyst Trader Tardigrade expects a bullish breakout, suggesting that DOGE is forming a falling wedge pattern, which could lead to a significant rally. If this pattern plays out, DOGE might finally surge towards the long-awaited $1 price target.
As The Bit Journal continues to monitor developments, all eyes remain on Dogecoin’s next move. Will it crash further, or is a major breakout on the horizon?
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
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