Dogecoin (DOGE) has entered a period of weakness, slipping roughly 16% from its November 23 local high of $0.4795. As the original meme cryptocurrency struggles to reclaim key technical levels, the consensus among some analysts is that DOGE’s ability to stabilize or recover may hinge almost entirely on an external factor: Bitcoin’s trajectory.
Dogecoin Price At Risk Of Another Slump
Technical analysis suggests that the previously well-respected uptrend line, established in mid-November, has now turned into a formidable barrier. After breaching this support line earlier in the week, Dogecoin bulls attempted several times to push the price back above it. Yet none of these efforts have succeeded.
Crypto analyst Kevin (@Kev_Capital_TA), who has been closely tracking the DOGE/USD 1-day chart, notes that DOGE is “getting rejected from the re test of this trend line that we were holding for almost a month on top of that it sits right in the macro .786 Fib.”—a technical zone often associated with significant turning points and potential reversals.
Beyond the trend line, internal momentum indicators paint a challenging picture. Kevin emphasizes that the daily MACD for DOGE is showing “strong momentum to the downside,” a technical signal suggesting the market’s short- to mid-term bias may lean lower unless the broader crypto environment shifts.
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In his view, “It’s safe to say without a BTC move higher the more probable move for DOGE in the short to mid term is lower. A BTC move higher could save us though.” He identifies $0.32—the origin of the prior uptrend line—as a primary downside target. Should DOGE fail to hold above that level, traders may look toward the $0.29 to $0.26 range as potential next stops.
In another post on X, Kevin emphasized that Dogecoin price pinned between two critical long-term Fibonacci levels. He describes DOGE as currently “trading between the macro golden pocket,” roughly at $0.47, and the macro 0.5 Fib level near $0.39. According to him, a firm break above or below these pivotal levels could trigger what he calls a “cascading” effect of “aggressive movement.”
He adds: “My position is that DOGE is not in control of itself and it’s fate lies purely in…
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