Dogecoin (DOGE) Struggles to Stabilize—Decline Could Deepen

DOGE price dipped heavily below the $0.250 support. Dogecoin settled below the 50-week simple moving average (blue) and at risk of more losses.

Dogecoin Price Turns Red

In the past few days, Bitcoin, Ethereum, XRP, Dogecoin, and other cryptocurrencies saw a major decline. DOGE declined heavily below the 0.300 and $0.250 support levels to enter a bearish zone. The bears even pushed the price below the $0.220 level.

There was a clear move below the 61.8% Fib retracement level of the main increase from the $0.080 swing low to the $0.4845 high. The price even settled below the $0.20 level and the 50-week simple moving average (blue).

Dogecoin price weekly chart | Source: DOGEUSD on TradingView.com

Dogecoin is now consolidating below the 76.4% Fib retracement level of the main increase from the $0.080 swing low to the $0.4845 high. It is also attempting a close below a connecting bullish trend line with support at $0.170 on the weekly chart.

The current price action suggests a strong bearish reaction below the 50-week simple moving average (blue). If the bulls remain active above $0.150, there could be a short-term recovery wave.

Immediate resistance on the upside sits near the $0.180 level. The next key resistance is near the $0.200 zone and the 50-week simple moving average (blue). A close above the $0.200 resistance could send the price toward the $0.2350 level.

If the bulls push the price above $0.2350, the price could drift toward the $0.250 resistance level. Any more gains might open the doors for a move toward the $0.2825 pivot level.

More Pain for DOGE?

Conversely, Dogecoin might fail to start a recovery wave above the $0.220 level and continue to move down. Immediate support on the downside is near the $0.150 level. The first major support is near the $0.1250 level.

A close below the $0.1250 level could even push the price below the $0.10 support zone. The main support zone sits at $0.080. If the bulls fail to protect the $0.080 support, there could be a strong bearish spike.

In the stated case, the price could drop toward the $0.0550 support. Any more losses could open the doors for a drop toward $0.0432.

Overall, DOGE is showing many bearish signs below $0.20 and $0.220. If the bears remain active, Dogecoin could decline further toward the $0.1250 support level.