Dogecoin (DOGE), the ever-popular dog-themed cryptocurrency, is feeling the heat right now, tumbling as the broader crypto market experiences selling pressure.

Over the last couple of days, Dogecoin has seen a significant drop, losing over 15% of its value. This slide began at the start of the week and has continued into Tuesday’s trading.

This recent dip has pushed Dogecoin below its 200-day Simple Moving Average (SMA), landing it at $0.24. This is the first time DOGE has fallen below this level since October 2024. For context, this SMA at $0.24 had been a critical support level for Dogecoin’s price in the past.

The wider cryptocurrency market is still experiencing turbulence, and this is weighing down Dogecoin. Bitcoin has even dipped below $90,000, hitting its lowest point since mid-November. And it’s not just Bitcoin – many other cryptos are also feeling the pinch today, with Dogecoin among those taking a significant hit. Currently, DOGE is down 14% in the last 24 hours, trading at $0.199. In fact, an index that tracks major digital tokens is heading for its biggest four-day slump since early August.

Altcoins, in general, are under pressure as investors seem to be shifting focus. The market is also still feeling the after-effects of the Bybit security incident last week. Looking at the bigger picture, many altcoins have seen significant losses, with most tokens dropping anywhere from 30% to a staggering 80% since mid-December.

Dogecoin price action

Dogecoin’s downward trend persists. After a significant shift in trading on Monday, the price dipped below the 200-day SMA at $0.24. This negative momentum continued into Tuesday, with Dogecoin prices hitting lows of $0.195.

Crypto analyst Ali points out that the $0.19 level is a critical support to watch. According to Ali’s analysis, if Dogecoin breaks below this $0.19 mark, we could see a more significant drop, potentially down towards $0.060.