Dogecoin (DOGE) Enters Danger Zone - Is a Major Collapse Imminent?

Dogecoin's recent downturn sparks serious concerns among investors as the meme coin struggles to maintain momentum.

Technical indicators flash warning signals across the board. The once-bullish pattern has broken down, leaving DOGE vulnerable to further downside pressure.

Market sentiment takes a hit as trading volume shrinks. Retail investors who jumped in during the hype cycle now face the reality of crypto volatility—because nothing says 'sound investment' like a cryptocurrency born from an internet joke.

Key support levels loom below current prices. A break below these critical zones could trigger accelerated selling and confirm the bearish trajectory.

The bigger question: is this just a healthy correction or the beginning of something more severe? Only time will tell if the Doge has enough bark left to fight the bears.

Dogecoin Price Dips Further

Dogecoin price started a fresh decline after there was a close below $0.240, like Bitcoin and Ethereum. DOGE declined below the $0.2320 and $0.2250 support levels.

The price even traded below $0.2120. A low was formed at $0.2078 and the price is now consolidating losses. There was a minor recovery wave above the 23.6% Fib retracement level of the recent decline from the $0.2430 swing high to the $0.2078 low.

Dogecoin price is now trading below the $0.2250 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is NEAR the $0.220 level. There is also a bearish trend line forming with resistance at $0.220 on the hourly chart of the DOGE/USD pair.

The first major resistance for the bulls could be near the $0.2250 level. It is close to the 50% Fib retracement level of the recent decline from the $0.2430 swing high to the $0.2078 low.

The next major resistance is near the $0.2320 level. A close above the $0.2320 resistance might send the price toward the $0.2450 resistance. Any more gains might send the price toward the $0.250 level. The next major stop for the bulls might be $0.2550.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.2250 level, it could continue to MOVE down. Initial support on the downside is near the $0.2120 level. The next major support is near the $0.2080 level.

The main support sits at $0.2050. If there is a downside break below the $0.2050 support, the price could decline further. In the stated case, the price might decline toward the $0.20 level or even $0.1920 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.2120 and $0.2050.

Major Resistance Levels – $0.2250 and $0.2320.