Dog-themed cryptocurrency Dogecoin (DOGE) is recording significant declines as the crypto market faces selling pressure.

Dogecoin has now lost more than 15% of its value in the past two days after a sharp decline at the start of the week continued during the early Tuesday trading session.

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The drop has caused Dogecoin to slip below the 200-day Simple Moving Average (SMA) at $0.24 for the first time since October 2024. This key technical level had previously acted as a strong support zone for Dogecoin's price.

The broader crypto market remains volatile, which puts pressure on Dogecoin's price. Bitcoin fell below $90,000, reaching its lowest valuation since mid-November. Other cryptocurrencies slumped, including Dogecoin, which is down significantly for the day. At the time of writing, DOGE was down 14% in the last 24 hours to $0.199. An index tracking the major digital tokens was poised for its biggest four-day decline since early August.

Altcoins have been under pressure as investors look elsewhere, with the sector still reeling from the Bybit attack last week. Since mid-December, most tokens have lost between 30% and 80%.

Dogecoin price action

Dogecoin has maintained its downward trend; following a major shift in Monday's trading session, the cryptocurrency slipped below the daily SMA 200 at $0.24. The slide continued into Tuesday's session, with prices touching lows of $0.195.

DOGE/USD Daily Chart, Courtesy: TradingView

Ali, a crypto analyst, highlights the importance of the $0.19 support. According to Ali, if Dogecoin drops below $0.19, the probability of a deeper correction toward $0.060 significantly increases.

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Contrary to this assumption, if the Dogecoin price turns up from this support line and reclaims the daily SMA 200 support, it might indicate that selling pressure is easing. Dogecoin may attempt to rally to the 50-day SMA of $0.30, where it might encounter resistance.

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