Dogecoin Drops as Many People Sell for Profit
Dogecoin’s price has fallen below $0.18 after reaching close to $0.195 recently. Many people who bought Dogecoin earlier are now selling it to take profit, which is causing the price to go down. Also, old wallets that were not active for a while are starting to move coins, which means more selling could happen soon.
Dogecoin first broke an important level at $0.181 and could not stay above its 50-day average line. Because of this, the price fell closer to $0.176. Some trading signals show that sellers are still stronger than buyers right now.
If this continues, Dogecoin might fall more and test the April low near $0.157. But if buyers push the price back above $0.181, it could go up again and try to reach $0.195.
Impact: Dogecoin could fall more if people keep selling to take profit. If new buyers step in and push it back above $0.181, the price might recover.