As Dogecoin approaches the $0.30 support level, will sellers take control and push the price down to $0.26?
With Bitcoin falling below the $100,000 mark, meme coins are experiencing a sharp decline. The meme coin market cap has dropped to $90.46 billion, and Dogecoin has seen an 11% drop over the past 24 hours.
The growing selling pressure is now weighing in on the $0.30 psychological support level, exposing a significant downside risk. In these conditions, will Dogecoin manage to hold critical support?
Dogecoin Price Analysis
In the 4-hour chart, the Dogecoin price trend reveals a breakdown of the local support trend line. This comes after the meme coin fails to hold a dominance near the 50% Fibonacci level at $0.35321. The breakdown signals heightened bearish activity in the market, putting pressure on critical support levels.
In the past 12 hours, the three consecutive bearish candles account for a 10.77% drop, breaking under the 38.20% Fibonacci level at $0.33. The declining trend has influenced the death cross between the 50- and 200-EMA lines and warns of a negative crossover between the 100- and 200-EMA lines.
This crossover could exacerbate the selling momentum, making recovery more challenging in the short term.
Furthermore, the 4-hour RSI line has dropped under the oversold boundary line, reflecting the massive bearish move. This signals that sellers are firmly in control, with bulls struggling to regain momentum.
DOGE Price Targets
As the declining bearish trend drops the market price to $0.3130, the meme coin could test the critical support at $0.30. The demand zone at $0.30 coincides with the 23.60% Fibonacci level, adding to its significance.
Since Christmas last year, Dogecoin has managed to sustain dominance above this level. Hence, a strong closing under this support will signify the start of a massive correction move.
The critical support for Dogecoin under this remains at the $0.265 support level, followed by the $0.20 psychological mark. On the flip side, a bullish reversal from this level will likely retest the broken $0.33 horizontal level.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2025/01/27/dogecoin-bears-eye-0-265-as-0-30-support-comes-under-threat/?utm_source=rss&utm_medium=rss&utm_campaign=dogecoin-bears-eye-0-265-as-0-30-support-comes-under-threat