Key Insights:
- The Dogecoin price came under fresh pressure as an analyst on X flagged a possible drop to $0.04.
- DOGE traded near $0.065 at the time of writing, close to its lowest level since October 2023.
- Traders watched the $0.063 to $0.065 zone, as a break could open the way to lower targets.
Dogecoin (DOGE) slid toward a three-year low on Nov. 13. An analyst on X warned the Dogecoin price could drop to $0.04.
Dogecoin Price Crash Warning Puts $0.04 in Focus
Analyst Ali Martinez shared the call in a post on X late on Nov. 13. He flagged $0.04 as a possible downside target for DOGE.
At the time of writing, DOGE traded near $0.065. A move to $0.04 would mean a drop of about 38%. That level sits well below the October 2023 lows near $0.057.
The slide had been steady for weeks. DOGE traded near $0.083 on Oct. 8. It fell to about $0.072 by Nov. 6, according to Coin Republic. The token was down 24.1% over 30 days and 57% over one year by then.
Martinez had covered DOGE in recent weeks. A Coin Republic report on a possible Dogecoin price breakout noted his $0.098 resistance. About 28 Billion DOGE had changed hands near that zone. The price stayed far below it since then.
A drop to $0.04 would also shrink the market cap. It stood near $11.297 Billion on Nov. 6. At $0.04, simple math on supply put it near $6.3 Billion.
Dogecoin remained a top memecoin by market cap. Even so, its rallies kept fading near $0.10 to $0.105 after September.
Dogecoin Price Slips Near a Three-Year Low
The sell-off was broad on Nov. 13. BTC fell 5.7% to about $69,250. ETH lost 4.7% and traded just under $1,951. The Crypto Fear and Greed Index dropped to 20, which signals Extreme Fear.
DOGE followed the market lower. CoinGecko data showed it near $0.065 at press time. That was about 3% down on the day. Its 24-hour range was $0.0631 to $0.0671.
Derivatives data showed about $7.7 million in liquidations of long positions over 24 hours. Short liquidations were only about $349,000. The gap suggested leveraged buyers took most of the pain.
Similar stress showed up earlier on Oct. 8. BTC dropped below $84,000 that day. About $688.8 million in crypto positions were liquidated over 24 hours.
The daily chart showed a steady downtrend. DOGE made lower highs and lower lows after a rejection near $0.10 to $0.105 in September. That left the token about 38% below its September high.
The Relative Strength Index (RSI) stayed under 30 at press time. That reading signals oversold conditions. Oversold readings can last for a long time in a downtrend.
What’s Next for Dogecoin Price? Levels Traders Watched
Sentiment stayed fragile around the call. The Fear and Greed reading of 20 showed that few buyers were willing to take on risk. Traders focused on a few levels near the current Dogecoin price.
Support
- $0.063 to $0.065: the immediate zone at press time
- $0.060: a round number that came into focus on a daily close below $0.063
- $0.0575: the next level, followed by the October 2023 lows near $0.056 to $0.057
Resistance
- $0.068: the first level a recovery needs to clear
- $0.072 to $0.075: the next supply zone
- $0.0792: an October support level that turned into resistance
A daily close below $0.060 could open the door to the $0.04 area Martinez flagged. A bounce above $0.068 might ease the pressure.
Whale activity had drawn attention earlier. Martinez reported that large holders added 1.14 billion DOGE over several days in September. A Coin Republic report on whale accumulation covered the data. DOGE still fell afterward.
Views on DOGE stayed split. Another analyst projected a $2.60 target near 2027 on a weekly chart. A report on the $2.60 target covered it. The two calls used very different timeframes.
Chart targets reflect one view of the market. They do not confirm what price action might follow. Traders often watched daily closes instead of intraday wicks. A close below support gave the bearish case more weight.
Bitcoin moves could also guide the Dogecoin price in the coming sessions. A deeper BTC correction might add pressure on altcoins. A steadier market could give DOGE room to recover. Many traders also watched whether BTC held above $69,000, since altcoins often followed its direction.
