TL:DR;
- Dogecoin’s price troubles continued in the past few hours as the asset tumbled to its lowest price point in over a month.
- This comes amid some reports by a popular analyst that the largest meme coin’s crash could further worsen in the following days and weeks.
Perhaps driven by the macroeconomic uncertainty following Trump’s latest tariff orders, the cryptocurrency market turned red starting on Saturday night, and it lost over $150 billion of its capitalization within that timeframe.
The enhanced volatility has harmed the altcoins the most, and meme coins are once again at the forefront of the daily losses.
The leader of their field, Dogecoin, was not sparred as its price lost the $0.3 support and dumped below $0.29 earlier today for the first time since December 20. This meant that the OG meme token is down by 10% in the past 24 hours and more than 15% since Friday when it peaked at over $0.34.
Ali Martinez told his 120,000 followers on X that DOGE had experienced a bearish crossover between the Market Value to Realized Value (MVRV) ratio and its 30-day Simple Moving Average. Consequently, the analyst predicted that DOGE’s price could face a ‘steep’ correction in the following weeks.
#Dogecoin $DOGE just experienced a bearish crossover between the MVRV Ratio and its 30-day SMA, signaling a steep price correction ahead. pic.twitter.com/PVdilYgrhg
— Ali (@ali_charts) February 2, 2025
The original meme coin became one of the top crypto performers since the US election, perhaps due to its connection to Elon Musk and his role in the Trump administration. However, the current political and macro uncertainty following Trump’s latest actions seems to have affected DOGE a lot harder than many other alts.
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