Dogecoin price analysis: DOGE plummets as China central bank deems crypto transactions illegal

TL;DR Breakdown China reportedly places a ban on crypto services and transactions in the country, plummeting the cryptocurrency marketDogecoin loses over 8 percent in price on intra-day trade following the newsTrading volume declines over 45 percent, indicating panic sell offs Dogecoin price analysis for the day shows a distinct decline for the token, following a reported ban on cryptocurrency services and transactions by China’s central bank. After dropping as low as $0.2006 in the running bearish trend earlier in the week, the meme cryptocurrency forced a come back on September 23 to record highs of $0.229. However, the upheaval proved to be short-lived as price went back to $0.207, which is the persistent pivot at the time of writing. Support is now set at $0.192 and $0.1750, with more panic sell-offs expected on the day trade. The larger cryptocurrency market also suffered from the news coming out of China, as Bitcoin dropped around 5 percent at just above $42,000. Ethereum crashed a further 7 percent over 24 hours to sit at $2,880, whereas Altcoins also showed significant dips. Solana dropped 7 percent, Polkadot 8 percent and Ripple 5 percent. However, Cardano surprisingly rose more than 5 percent to solidify above $2.3. Dogecoin price analysis: Cryptocurrency heat map. Source: Coin360 DOGE/USD 24-hour chart: Price declines despite formation of late bullish hammer pattern On the 24-hour chart for Dogecoin price a...