Dogecoin currently offers a bearish outlook after it has dropped under it $ 0.30 psychological level And now the risk is exposed to losing the level of $ 0.20. This bearish outlook is further strengthened by a decline in the social mood of Doge, which Ethereum reflects, which has also suffered significant price accidents.
Dogecoin reflects Ethereum as a social mood tank
In X PostOn-chain Analytics platform Santiment, showed that Dogecoin Ethereum is reflected social feeling With these coins there is “almost no”. This means that there is a lack of a significant social media interest in Dogecoin and Ethereum, whereby investors have decided to discuss other coins about them.
In this regard, Santiment showed that Bitcoin in cryptocurrency discussions on this social media platforms is a leader. In the meantime, Cardano has also recorded a massive increase compared to usually. On the other hand, Dogecoin and Ethereum Both are basically not available in these crypto discussions.
This development offers a bearish outlook for Dotecoin and indicates that another drop in price can be on the horizon. It is worth noting that the leading Meme coin was one of the coins that were most hit during the market and lost $ 0.3 psychological level. This indicates that the negative social feeling also led to a lack of buyers in the Doge ecosystem in order to defend certain support levels.
In addition to the crash in the social feeling, on-chain metrics also draw a bearish picture for Dotecoin and a hint of a price crash that could brew. Intotheblock data Shows that it has lodged into ‘Hodler’s balance’. These are investors who have held the Meme coin more for a year. As such, long-term owners seem to lose their trust in Dotecoin, which could trigger a wave of sales and could lead to a massive crash for the leading meme coin.
Doge is still in a “overall” bull market
Despite the recent downward trend for Dotecoin, Krypto -Analyst Krissspax Has assured the market participants that the most important Meme coin is still in a general bull market. He noticed that every falling wedge has led to an upward trend for Doge in the past year and a half. Despite the latest withdrawal due to inflation, fewer rate reductions and Trump’s tariffs, the crypto analyst is confident that Dogecoin will finally turn around and become higher.
Crypto -analyst Dealer Tarderrade Also offered a bullish view for Doge and explained that a price boost was imminent. He noticed that DGEs Bullischer Falling Weil approached a breakout. The crypto analyst added that the Meme coin often forms a large falling wedge before pumping. His associated table showed that Doge was finally able to pump on the highly expected $ 1-dollar level when it breaks on the head.
At the time of the letter, the price of Dotecoin is around $ 0.25, which has dropped by almost 5% in the past 24 hours. Data From coinmarketcap.
Selected picture of Adobe Stock, diagram of tradingview.com