Dogecoin’s (DOGE) price has fallen 11% in the past 24 hours amid institutional selling and extreme volatility.
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Dogecoin is currently trading at $0.24 following a steep selloff in the past day. Trading activity in the altcoin surged to 2.26 billion tokens, marking one of the highest volumes in recent weeks. Analysts blame the decline largely on profit-taking among large holders of DOGE.
Despite brief bounces, Dogecoin has failed to reclaim resistance at $0.25. Market sentiment remains fragile across smaller altcoins such as Dogecoin as macroeconomic concerns, notably around global trade, keep investors on edge.
Shifting Money
At the same time, investors are shifting money into Ethereum (ETH), the second-largest cryptocurrency by market capitalization, which has seen its price rise more than 50% in the past month. ETH has been the top-performing cryptocurrency in recent weeks, outpacing Bitcoin (BTC).
Crypto analysts say $0.23 is currently the key support level to watch for Dogecoin, and that any decline below that level could see the crypto fall to $0.21 or even lower. So far this year, DOGE has declined 17% and underperformed other digital assets.
Is DOGE a Buy?
Most Wall Street firms don’t offer ratings or price targets on cryptocurrencies such as Dogecoin, so we’ll look instead at its three-month performance. As one can see in the chart below, the price of DOGE has risen 45.16% in the last 12 weeks.
