Dogecoin (DOGE) plunges 10%… Concerns over June bear market repeat

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Doge has shown a 10% sharp decline over the past 24 hours. Doge dropped from $0.226 to $0.2036 and is currently trading at $0.2046.

According to CoinMarketCap data, Doge's trading volume has actually increased by 39.89% to $2 billion. Market participants seem to perceive this price decline as a necessary adjustment phase.

Investors are buying during the price drop, expecting a future rebound. The increase in trading volume is expected to have a positive impact on stabilizing Doge's price.

However, if the $0.20 support line breaks, it could potentially drop further to $0.18, requiring caution. Particularly, June has historically been a weak period for Doge, showing an average decline of over 7%.

If the Doge ecosystem is not activated and buying pressure does not increase, the current 10% decline could accelerate further in June.

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#Doge#DOGE#CryptocurrencyDecline#MarketAdjustment

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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