Cryptocurrency markets generally attracted attention with low volume and calm transactions after the weekend. Dogecoin, one of the prominent actors of this process, experienced a significant decrease in transaction volume on the first business day of the week. In the last 24-hour period, Dogecoin’s transaction volume decreased by nearly 50 percent to $669 million, according to CoinMarketCap data.
Dogecoin price and critical support point
Dogecoin price lost 0.48 percent in the last 24 hours, falling to $0.108. Analysts and market followers point out that this price level may be decisive in the upcoming activity. Dogecoin entered a gradual decline after reaching $0.117 on May 6. Before this, the price constantly moved in a narrow band and the $ 0.10 resistance was tried to be overcome five times in a row, but could not be passed.
Since late April, Dogecoin has had a brief rally, recovering from $0.092, but currently appears to be stuck in a narrow price range. Especially with the recent decline, weekly gains were also taken back.
The wait continues in the market
The sharp decline in Dogecoin indicates that profit-taking by short-term investors is accelerating. Analysts state that the $0.10 level stands out as a critical support point. If the price turns up from this level, the possibility of investors testing $0.117 again may come to the fore. If this resistance is overcome, it is stated that the next targets for Dogecoin will be $ 0.14 and then $ 0.16.
Dogecoin recently rose as high as $0.117 but then experienced a rapid pullback; Therefore, the $0.10 support is followed closely.
In contrast, if the price falls below $0.10, Dogecoin is expected to fluctuate between $0.09 and $0.12 in the coming days.
Hope for the future: X Money move
Investors’ radar includes not only technical levels but also new projects. Recently, the X Money initiative led by Elon Musk has created a stir in the crypto community. Launched in April 2024, X Money began its first public use test. This digital payment system stands out with features such as peer-to-peer money transfers, as well as bank balances, debit card usage and cashback rewards on purchases. A licensed subsidiary will manage the project in partnership with Visa.
Weekends in cryptocurrency markets typically see lower liquidity and less trading volume. Analysts share that this situation paves the way for contraction and sudden fluctuations in price movements. Dogecoin also took a break from the short-term rise of major cryptos with its recent price movements.
