Dogecoin price falls, faces selling pressure, what factors do we need to consider
For most of 2019, Dogecoin traded strictly between $0.002 and $0.0036.
In January 2021, DOGE rose sharply, closing the month at $0.037. Subsequently, Dogecoin reached an ATH of 0.7376 on May 8, 2021, but then depreciated by 76%, closing the year at $0.7003.
In 2022, Dogecoin maintained an average market price of about $0.07.
In 2023, Dogecoin began trading around $0.08 and closed the year at $0.08955.
In 2024, DOGE began to consolidate around $0.08. In the market-wide bull run in March 2024, DOGE traded above $0.2, returning to the level of November 2021.
Dogecoin is currently trading around $0.122, eyeing the key level of $0.128. Reaching this benchmark could push the price up by about 5%. Nonetheless, current market conditions appear to cast doubt on this bullish scenario. If Dogecoin reaches $0.128 but fails to sustain it, the price could fall back to $0.116, with further downside potential reaching $0.105.
