Dogecoin had a rough month, crashing 36.78% in just 30 days. The popular meme coin struggled as its price plunged from $0.30 to a low of $0.1876, currently sitting at $0.1919. Investors are concerned as DOGE ($0.19) faces strong bearish pressure, raising questions about its future.
One month price chart. Source: CoinMarketCap
Market Cap and Volume Take a Hit
Dogecoin’s market cap took a heavy blow, dropping 11.91% to $28.46 billion. Trading volume also plummeted, falling 30.15% to $2.74 billion. The decline in volume suggests reduced buying interest, which could indicate further price drops if demand remains low.
Related article: Dogecoin Eyes Recovery: Can DOGE Overcome Market Volatility?
Dogecoin remains 73.95% below its all-time high of $0.7376, reached in May 2021. However, its long-term trajectory still shows massive growth, considering its all-time low of $0.00008547 in 2015. Despite the current slump, DOGE has gained over 224,676% since its inception.
Will Dogecoin Recover?
For DOGE to recover, market sentiment needs to shift. If Bitcoin regains strength, meme coins like Dogecoin could benefit.
Related article: Dogecoin Sell Signal Issued! Price Could Crash to $0.144 – Should You Exit?
However, with high volatility and declining momentum, DOGE needs strong buying pressure to break resistance levels. Dogecoin’s decline this month raises concerns, but its long-term growth history can’t be ignored.
If market conditions improve, DOGE could see a rebound. However, investors should remain cautious and watch for signs of recovery before making any moves.
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