Dogecoin Returns to $0.1 With One Day Left for Key Development

TL;DR

Dogecoin fell to $0.097 on May 23 but has since rebounded to $0.10. The price remains down 8.13% weekly despite a 1.47% increase in the last 24 hours.

Key points

Dogecoin fell to a low of $0.097 on May 23
Price rebounded to $0.10, up 1.47% in 24 hours
Dogecoin remains down 8.13% weekly
Drop coincided with a broader market decline
Over $900 million in liquidations occurred

Dogecoin

Dogecoin fell to a low of $0.097 on May 23, losing the $0.1 mark as the price extended a drop from a high of $0.114 on May 14.

Following this drop, Dogecoin rebounded with the rest of the crypto markets, reclaiming the $0.10 level. At the time of writing, DOGE was trading above 10 cents, up 1.47% in the last 24 hours to $0.10; however, the price remains down 8.13% weekly, according to CoinMarketCap data.

DOGE/USD Daily Chart, Image By TradingView

Saturday's drop to a low of $0.097 coincided with a broader market drop, which resulted in over $900 million in liquidations. Dogecoin subsequently fell beneath the daily MA 50 at $0.102, a level it had held above since mid-April. Dogecoin buyers, however, bought the dip with its price returning above this level, but the real test now lies in sustaining this move.

1 day left for key development

Such app, an app that will allow crypto users to accept Dogecoin for their products and services, is scheduled to launch in beta on May 25.

The Such Beta will see a number of features being tested; these include a self-custodial wallet, contacts and transfers; Hustle Invoicing and POS tools to accept Dogecoin as payment; live transaction tracking, among others.

What's next for Dogecoin price?

Dogecoin (DOGE) has been stuck in the $0.09-$0.12 range, especially trading between its daily moving averages of 50 and 200 since late April.

If Dogecoin sustains above the 50-day SMA at $0.102, the rise is expected to meet a hurdle at $0.11 ahead of the $0.12 mark. Buyers will have to push and maintain the Dogecoin price above $0.12 to signal the start of a new rally to $0.14, and then to $0.16.

Q&A

What caused Dogecoin to drop to $0.097 on May 23?

Dogecoin's drop to $0.097 was part of a broader market decline that resulted in over $900 million in liquidations.

How much has Dogecoin's price changed in the last 24 hours?

In the last 24 hours, Dogecoin's price increased by 1.47%, rising back to $0.10.

What is the significance of Dogecoin reclaiming the $0.10 level?

Reclaiming the $0.10 level is crucial for Dogecoin as it indicates a potential recovery, but sustaining this price will be the real challenge.