Dogecoin price approaches $0.14 after Black Monday crash

Dogecoin’s (CRYPTO:DOGE) price has tested a critical support level following the cryptocurrency market’s turmoil on April 7, known as the Black Monday crash.

The meme coin dropped sharply from $0.17 to $0.14, reflecting its strong correlation with Bitcoin, which fell below $75,000 during the same period.

Crypto analyst BitGuru shared insights on Dogecoin’s potential recovery, noting that the price swept key support near $0.143 and entered an oversold zone.

In an X post, BitGuru suggested that a bullish reversal could be imminent, with targets set at $0.16, $0.18, and potentially $0.205 if momentum builds.

“The psychological $0.2 level remains achievable if Bitcoin sustains its upward trend,” he remarked.

Bitcoin’s (CRYPTO:BTC) rebound to $80,000 on April 8 has fueled optimism for Dogecoin’s recovery.

However, analysts warn of macroeconomic factors that could hinder its progress.

Former President Donald Trump’s threat to impose a 50% tariff on China has reignited fears of a global trade war, which previously contributed to the cryptocurrency market’s decline.

Kevin Capital, another crypto analyst, highlighted Dogecoin’s formation of a “clean” bullish divergence on the daily chart.

He emphasised the importance of maintaining support at $0.14 to preserve the bull market structure.

“A drop below this level could signal the end of Dogecoin’s bullish run,” he cautioned.

Despite these technical indicators suggesting a potential reversal, uncertainties persist due to geopolitical tensions and market volatility.

Master Kenobi echoed concerns about Dogecoin losing its support trendline at $0.14, stating that such a move could lead to prolonged bearish conditions.

With mixed signals from technical charts and external economic pressures, the path forward for Dogecoin remains uncertain.

At the time of reporting, the Dogecoin (DOGE) price was $0.1423.