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The Dogecoin price is recording significant losses across multiple timeframes as the crypto market experiences a spike in selling pressure. The memecoin has been one of the worst performing cryptos over the past months as bull fail to push its price above critical levels.
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At the time of writing, the Dogecoin price trades at $0.17, recording a 13% loss over the past seven days. On smaller timeframes, DOGE saw a 3% decline only topped by Solana.
Dogecoin price trends to the downside on the daily chart. Source: DOGEUSDT on Tradingview
Dogecoin Price On Ropes, Where Is DOGE Heading?
According to top analyst Eliz, the Dogecoin price is at risk of falling to a dangerous area if it fails to sustain its current price. This ‘alarm zone’ is sitting around $0.14, if bulls fail to defend this area, the DOGE is at risk of falling deeper into the $0.12 to $0.08 and revisit levels last seen in 2024.
Dogecoin price heading for a critical area. Source: Eliz883 via X
As seen in the image above, the analyst remains hopeful that the cryptocurrency might rebound if it hits the ‘alarm zone.’ If this scenario comes to fruition, the cryptocurrency might reclaim its current levels and rise slightly towards the $0.2 area.
The bullish momentum might push DOGE to previous highs on low timeframes, thus entering the $0.20 to $0.24 range. However, traders should remain cautious and watch closely for the coming price action before taking any position.
Altcoin Season Could Save the DOGE Price
Chris Burniske, former lead crypto analyst at Ark Invest, believes the altcoin sector is displaying some strength despite the Bitcoin sell off. While the top cryptocurrency seems to be cooling off, Burniske claims that Ethereum and Solana remain relatively healthy.
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This factor might play in favor of a Dogecoin price rebound, even if the crypto hits the ‘alarm zone.’ The analyst stated the following on the current altcoin cycle hinting at potential gains for DOGE and other cryptocurrencies:
ETH showing more strength than acknowledged, and SOL processing major FTX unlocks that were once viciously FUD’d without much of a sweat. The dynamics of this bull are different from prior runs, largely owing to altcoin fatigue, memecoin mania, and TradFi finally “getting it,” but the bull is still alive.
Cover image from ChatGPT, DOGE/USDT chart from Tradingview
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