As Bitcoin Turns Down, Plunging Dogecoin Faces Risk of Breaking $0.09135 Support Level

▲ Bitcoin (BTC), Dogecoin (DOGE), cryptocurrency decline / ChatGPT-generated image ©

Dogecoin (DOGE), the leading meme coin, has fallen to the $0.09 level, moving in tandem with the decline of Bitcoin, the leading cryptocurrency. Intensifying selling pressure has emerged as deteriorating investor sentiment across a market gripped by extreme fear coincides with the breakdown of key technical support levels.

As of February 23 (local time), according to CoinMarketCap, Dogecoin is trading at $0.09241, down 5.37% over the past 24 hours. The broader risk-off sentiment across the market—reflected in a 4.73% contraction in total cryptocurrency market capitalization and a 4.78% drop in Bitcoin (BTC)—is cited as the main driver behind Dogecoin’s sharper decline. CoinMarketCap’s Fear and Greed Index currently stands at 14, clearly indicating a state of extreme fear.

In the absence of any significant individual bullish catalysts, technical indicators are further fueling the heavy sell-off. Dogecoin’s price has fallen below both its 7-day simple moving average of $0.0989 and its 30-day simple moving average of $0.1044, confirming a firm downtrend structure. Meanwhile, 24-hour trading volume has surged 52% to $728 million, suggesting a wave of large-scale liquidations. The Altcoin Season Index remains at 29, indicating a lack of capital rotation into high-risk assets such as meme coins, adding to the negative momentum.

The short-term price trajectory now hinges on whether Dogecoin can defend the 78.6% Fibonacci retracement level at $0.09135. If this support level holds, the price is likely to consolidate between $0.091 and $0.099. However, if this critical threshold collapses alongside further declines in Bitcoin, there is a risk of a drop toward the previous low near $0.088.

In conclusion, Dogecoin is currently facing strong downward pressure amid drying demand across the meme coin sector and overwhelming macro-level fear weighing on the broader market. Investors should closely monitor whether the price can reclaim the 7-day simple moving average as a short-term resistance level, while also watching whether Bitcoin can recover the $65,000 level and restore positive sentiment to the market before making cautious decisions.

Disclaimer: This article is for investment reference only, and we are not responsible for any losses resulting from investment decisions based on this content. The information provided should be interpreted for informational purposes only.