After Bitcoin (BTC) and Ethereum (ETH) saw a significant price drop of over 4%, Dogecoin (DOGE) has also suffered a major setback as it lost its crucial support level, signaling a potential massive drop. On March 10, 2025, the overall cryptocurrency market took a hit following the opening bell of the U.S. market.
DOGE’s Current Price Momentum
In the midst of this market downturn, DOGE has plummeted by over 6.5%, dipping below the important $0.17 level and currently trading under $0.16. This marks the first time in the last three months that DOGE has fallen below this critical threshold.
Dogecoin (DOGE) Price Action and Upcoming Levels
Expert technical analysis indicates that DOGE is currently exhibiting bearish behavior after failing to hold the $0.17 level. Based on recent price movements and historical trends, there is a strong likelihood that the asset could experience a further 20% drop, potentially reaching the $0.125 mark in the days ahead.
At present, DOGE’s Relative Strength Index (RSI) sits below 26, suggesting that it is oversold and lacks the momentum for a price recovery. Additionally, the 200 Exponential Moving Average (EMA) is significantly higher, indicating a continued downward trend for DOGE.
$31 Million Worth of DOGE Outflow
Despite the prevailing bearish sentiment and price action, on-chain analytics firm Coinglass has reported a notable outflow of $31 million worth of DOGE from exchanges. This data on spot inflows and outflows suggests that there may be potential accumulation taking place.
Such a significant outflow in a bearish market could signal an opportunity for accumulation, potentially leading to a buying spree that could trigger a reversal and drive DOGE towards an upward rally.
Overall, while the current outlook for Dogecoin appears bleak with the recent price decline and technical indicators pointing towards further downside, the outflow data indicating potential accumulation offers a glimmer of hope for a turnaround in the near future. Investors and traders should closely monitor the market developments and key levels to make informed decisions regarding their DOGE holdings.