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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