Dogecoin Price Drops 12% as the Crypto Market Crashes – Can Bulls Trigger 115% Upside?

Highlights:

• Dogecoin price plummets over 12% to $0.20 as the broader crypto market faces uncertainty.
• Despite the drop, its daily trading volume has surged by $149%, indicating heightened market activity.
• A popular crypto analyst has highlighted a deeper correction if the Dogecoin price falls below the $0.19 mark.

The Dogecoin price has plummeted over 12% to $0.20 as the broader crypto market experiences severe selling momentum. Other leading cryptos, like Bitcoin and Ethereum, have plunged 8%, and 11%, to trade at $87,817 and $2,376, respectively. Despite the fall, DOGE’s trading volume has spiked 149% to $3.24B, indicating heightened market activity. 

This crash has occurred amid market uncertainty, with investors currently choosing to stay on the sidelines. Several developments have sparked this market crash, including Donald Trump’s proposed tariffs on several countries. The US president reaffirmed that he will move forward with the proposed tariffs on Mexico and Canada.

Trump responding to a question on Mexico and Canada: I look at some of these agreements and I say who would ever sign a thing like this. The tariffs will go forward, yes. We'll make up a lot of territory. Our country will be liquid and rich again. pic.twitter.com/cPwkCVlLDF

— Acyn (@Acyn) February 24, 2025

Meanwhile, the broader crypto market has lost over $150 billion, with the market cap slipping under $3 trillion. Popular analyst Ali Martinez has highlighted that if Dogecoin’s price slips below the $0.19 mark, the probability of a deeper correction toward $0.060 is possible. 

If #Dogecoin $DOGE drops below $0.19, the probability of a deeper correction toward $0.060 significantly increases! pic.twitter.com/6OLjt66X0B

— Ali (@ali_charts) February 25, 2025

DOGE Statistical Data

Based on CoinmarketCap data:

• DOGE price now – $0.20
• Trading volume (24h) – $3.24 billion
• Market cap – $30.57 billion
• Total supply – 148.19B
• Circulating supply –148.19B
• DOGE ranking – #8

The Dogecoin price is currently at $0.20, experiencing a sharp decline as broader market sentiment remains bearish. The price remains within the falling wedge channel, below the moving averages. If bearish pressure persists, DOGE could slip toward key support at $0.1938, with an extended downturn exposing $0.1893. A deeper correction may lead to a test of the $0.1511 level, especially if selling momentum intensifies across the crypto market. 

The MACD histogram is showing weak momentum, reinforcing the overall market uncertainty. If Dogecoin price fails to reclaim the $0.24 mark, which aligns with the 200-day MA, it risks prolonged consolidation or further downside movement. A decisive break below $0.18 could trigger stronger selling pressure, driving prices lower in alignment with the broader market trend.

On the other hand, if buyers regain confidence, a move above $0.24 may signal an attempt to recover lost ground. However, with the prevailing bearish sentiment, cautious trading remains advisable.

Can Dogecoin Price Overcome the $0.24 Barrier Amid Market Uncertainty?

Dogecoin’s journey toward the $0.24 resistance is met with hesitation as broader market weakness weighs on momentum. While recent attempts to push higher have encountered selling pressure, a decisive break above key resistance zones could set the stage for an extended rally. However, a sustained push beyond this barrier could shift sentiment in favor of the bulls, opening room for further gains.

Meanwhile, the oversold Relative Strength Index (RSI) signals that the meme coin is undervalued. An oversold RSI could present a strategic entry opportunity for risk-tolerant investors. This may result in the bulls initiating a buy-back campaign, which may cause a rebound in the DOGE market.

The Dogecoin price is currently at a critical juncture. If the breakout from the falling wedge is confirmed and the Dogecoin price moves above $0.24 (200-day MA), it could target $0.30 (50-day MA) as the next resistance. A successful breach of this level could then open the door for a rally toward the $0.42 resistance, representing a 115% upside from the current price.