Dogecoin Slips Below Key Support as Crypto Market Faces Risk-Off Sentiment

Dogecoin (DOGE) has seen a sharp 20% drop, falling below the crucial $0.14 support level amid a broader crypto market sell-off. Currently trading near $0.13, DOGE has broken through key technical levels, including its 50, 100, and 200-day moving averages, signaling heightened bearish momentum.

The decline comes as global market sentiment turns risk-averse, driven by rising economic concerns and newly introduced U.S. tariffs. These developments have prompted both institutional and retail investors to shift away from riskier assets like cryptocurrencies, triggering widespread outflows.

Technical indicators further underscore DOGE’s precarious position. The Relative Strength Index (RSI) has dropped below 33, placing the asset firmly in oversold territory. At the same time, increasing trading volume suggests this is more than a short-term dip—it's part of a broader derisking trend across the market.

The next critical support lies at $0.12, a level where Dogecoin previously consolidated in mid-2023. A breakdown below this point could open the door to further declines, potentially testing $0.10 or even $0.08 in the near term. However, if bulls manage to reclaim $0.14 and stabilize above it, a short-term relief rally toward the $0.16–$0.17 range is possible—especially if macroeconomic pressures ease.

For now, volatility remains high, and Dogecoin’s recovery depends heavily on both technical support and broader market sentiment. Investors should watch key levels closely as DOGE navigates this uncertain phase.