Dogecoin has entered a renewed decline phase, tracking the broader weakness across the cryptocurrency market led by Bitcoin and Ethereum.
The popular meme coin has fallen through multiple key support zones, raising concerns among traders about the risk of further downside in the near term.
DOGE Breaks Below Key Support Levels
Selling pressure intensified after Dogecoin slipped beneath the critical $0.1350 level. This breakdown triggered a sharp move lower, with the price falling through successive supports at $0.1300 and $0.1250.
The decline ultimately drove DOGE to a local low near $0.1154. Although a modest rebound followed, the asset remains under technical pressure. At the time of writing, Dogecoin is trading around $0.1276, reflecting a 7.13% decline over the past 24 hours.
The price is also trading below the 100-hour simple moving average, a sign that bearish momentum continues to dominate short-term price action.
Technical Recovery Faces Strong Resistance
Dogecoin attempted a brief recovery, climbing above $0.1220 and clearing the 23.6% Fibonacci retracement level drawn from the $0.1512 swing high to the $0.1154 low. However, this bounce has so far lacked follow-through.
Immediate resistance now stands at $0.130. A sustained move above this level would mark the first step toward a meaningful recovery. Beyond that, the next major hurdle sits near $0.1330, which aligns with the 50% Fibonacci retracement of the recent decline.
This zone is viewed as a critical test for bulls trying to regain control. If DOGE manages to push above $0.1330, further resistance awaits near $0.1350 and along a descending trend line. A daily close above this area could open the door to a move toward $0.1380.
With stronger upside momentum, Dogecoin could extend gains toward $0.140, with the next major target around $0.1420. For now, however, these levels remain distant as selling pressure persists.
Downside Risks Remain Elevated
The technical outlook darkens if Dogecoin fails to reclaim the $0.1300 level. Continued weakness could spark another leg lower.
Initial downside support lies near $0.1250, followed by a more significant floor at $0.1220. The main support zone is located around $0.120. A decisive breakdown below this level would likely accelerate selling pressure and increase the risk of cascading liquidations.
Such a move could send DOGE back toward $0.1150 or even $0.1135 in the near term, extending the current bearish trend.
Momentum Indicators Signal Continued Weakness
Short-term momentum indicators continue to favor sellers. The hourly MACD for the DOGE/USD pair remains in bearish territory and is losing upward momentum.
Meanwhile, the Relative Strength Index has slipped below the 50 level, confirming the prevailing weakness in price action. Together, these signals suggest that bears remain in control and that any near-term recovery attempts may struggle without a shift in broader market sentiment.
Traders Watch for a Decisive Break
Market participants are now closely monitoring whether Dogecoin can reclaim the $0.130 resistance zone or whether renewed selling pressure will push the price back toward recent lows.
Until DOGE establishes itself above key resistance levels, the risk of further downside remains high, keeping traders cautious as volatility continues across the wider crypto market.