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Dogecoin Price Prediction as DOGE Drops by 10% – Can the Bulls Regain Control?

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Dogecoin (DOGE), the cryptocurrency that powers the decentralized payments-focused Dogecoin blockchain, has slumped during Wednesday’s US trading hours.

The sell pressure began after DOGE failed to break above its 21-Day Moving Average (DMA) in the mid-$0.070s, and after a failed attempt on Tuesday to retest the 200DMA around $0.079.

Near-term price predictions have subsequently become more bearish.Prior to Dogecoin’s drop that began in early March, the $0.079 area had been acting as a key zone of support.

That support has clearly now turned to resistance. The $0.079 area also coincides with a downtrend that Dogecoin has been stuck in going all the way back to early February.Dogecoin’s latest drop has seen it fall back to the south of the $0.07 level, where it trades lower by around 7.5% on the day and approximately 10% lower in the last 24 hours.

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