The Dogecoin price was trading at $0.1571 as of 3:30 am EST after dropping 6% over the last 24 hours.
The popular memecoin has dropped by over 43% from a high of $0.2289 on March 28 to a six-week low of $0.130. This drawdown in DOGE could kick-start the second phase of the memecoin sell-off.
Dogecoin price analysis: Key levels to watch
DOGE’s price dropped more than 43% from the end of March to set a swing low at $0.130 on April 13. With this uptick, the doge-themed memecoin has lost one key support level after the other in a downtrend that has seen its market cap drop below the $25 billion mark to $22.6 billion at the time of publishing.
The 50-day exponential moving average (EMA) was facing downward and posited above the price, suggesting that the downtrend was strong.
The position of the RSI within the negative region 43 suggested that the bears were in control of the market.
Increased selling from the current level could see the token drop first toward the 100-day EMA at $0.1394 and later to the swing low at $0.130. A key level to watch below that is the 200-day EMA at $0.1163. Such a move would represent a 26% drop from the current price.
TradingView Chart: DOGE/USD
On the upside, if DOGE’s price produces a daily candlestick close above its 50-day EMA at $0.1630, it would suggest that a local bottom has been reached and the memecoin is ready for a sustained recovery.
In such a case, dogecoin’s price could climb 43% and revisit the March 28 swing high at $0.2289.
