The price of Dogecoin has recently dropped below $0.15, breaching significant support levels, including $0.1400. The cryptocurrency has seen lows around $0.13, struggling to uphold its previous bullish momentum. This downturn follows a general decline in the crypto market, primarily triggered by a drop in Bitcoin values, resulting in a roughly 10% decrease in DOGE”s price. The lack of institutional engagement with newly introduced crypto ETFs has further exacerbated the situation, influencing poor performance across the board.
Leading digital assets like Ethereum and Solana are also experiencing similar bearish trends, marked by significant liquidations. The prevailing market sentiment remains negative, with bears actively dominating trading.
A notable technical analysis from a crypto expert suggests that Dogecoin may currently be forming a classic Cup and Handle pattern. This analyst notes that DOGE is in the handle phase of this formation, which typically indicates a potential price breakout. The expectation is that this technical setup might lead to an upward trend in the upcoming weeks, aligning with the predicted bullish trajectory of the Cup and Handle formation.
However, the analyst also highlighted a concerning trend on Dogecoin“s monthly chart. Recent price movements have violated a crucial support trend line, signaling a negative outlook that suggests further downward movement in the market. The monthly candle for DOGE confirmed this breakdown, further emphasizing the need for caution among investors.
Looking ahead to 2025, the current price of DOGE has slid to $0.13304, reflecting a minor decline of 0.61%. As the price continues to drop, it has breached certain support levels, with the primary resistance now situated at $0.14. A new support zone has emerged at $0.12.
The MACD (Moving Average Convergence Divergence) signals a bearish trend, as the MACD line has fallen below the signal line, indicating waning upward momentum. Simultaneously, the Relative Strength Index (RSI) is alarmingly low at 20, suggesting that DOGE is currently oversold.
For a bullish scenario to materialize, Dogecoin must stabilize above the $0.14 mark. Achieving this would provide the necessary momentum to challenge the next critical barrier at $0.15. If the price can maintain itself above this level, it could pave the way for further gains, potentially reaching $0.18 or higher. Conversely, failure to sustain above $0.15 may lead to a pullback, with support levels around $0.12 and $0.10 becoming increasingly vital for DOGE”s future performance.
