The price of Dogecoin has fallen below $0.20 and has experienced a breakdown in a falling wedge pattern. Its market capitalization, along with other meme coins, has also declined. Dogecoin has seen a 30% pullback in the past week and is struggling to find support after a recent bearish trend. Technical indicators suggest a significant bearish weakness in the trend, with the RSI line at oversold levels and the MACD and signal lines showing negative crossovers. Whales are also taking the opportunity to exit, with a significant transfer of DOGE tokens to Binance. If the price closes below the 38.20% Fibonacci level, it could lead to a further correction and a potential downside risk of 24%. On the other hand, if Dogecoin can sustain above the broken support trendline, there is a chance for a quick retest of the $0.20 mark.



Other News from Today