Dogecoin (DOGE) has been on a downward trajectory since its all-time high of $0.159 nearly 190 days ago. Currently, the price of DOGE is at risk of breaking down from an ascending support line that has been in place since June 2022, which could cause the price to fall sharply. An analysis of the Relative Strength Index (RSI) indicators from both the long-term weekly and daily time frames suggest that a breakdown is likely. Technical analysis of the Elliott Wave theory also suggests a bearish trend. If the support line is broken, the price could fall to the closest support area at an average price of $0.057; however, a bounce could occur, which could causes the price to rise to $0.095.



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