Dogecoin (DOGE) Plunges 6.15% as Market Instability Continues to Exert Pressure on Different Assets

The altcoin market's instability has continued to exert pressure on different assets. Dogecoin (DOGE) plunged 6.15% in the last 24 hours

Dogecoin (DOGE) price tumbled 6.15% in the last 24 hours, almost wiping out all the gains it made within the last seven days.

The altcoin market's instability continues to exert pressure on different assets, and DOGE slid further as a result.

The meme coin was trading at $0.1798 as of this writing, according to CoinMarketCap data. It plunged from a high of $0.1945, breaching several support levels.

The coin was testing the $0.1770 support amid continued volatility in the altcoin ecosystem.

Earlier analysis of DOGE's price chart had pegged the support range between $0.1760 and $0.1870. This prediction likely encourages market participants to continue trading the meme coin at discounted prices. A shift outside of this range might change most traders' engagement with the coin.

The support range is also closely tied to the crypto exchange Binance, which saw a huge spike in DOGE transactions during this period.

According to CoinGlass data, 649,331,848 DOGE, valued at approximately $116,620,000, were transacted on Binance.

The spike in trading volume as the price dipped might have been triggered by market participants trying to take advantage of the price drop.

Other analysts suggest this could suggest that DOGE holders are anticipating a price reversal after this current crash withers.

Hence, to profit from the ongoing price fluctuation, some traders buy the meme coin at low prices to sell when a rebound occurs. Others might have decided to sell off to further reduce their losses.

The meme coin is currently facing pressure from Cardano, which is closely trailing it in the crypto ranking by market capitalization.

The two assets have battled supremacy in the rankings, with one flipping the other, but DOGE is currently on top.