The post Dogecoin at Risk: Will Bearish Trend Drag DOGE Prices Below $0.20? appeared on BitcoinEthereumNews.com.

With Bitcoin price crossing under the $96,000 mark, meme coins are in a free fall. With the meme coins market cap down to $69 billion, Dogecoin is facing intense supply heat. Currently, the DOGE trades at $0.2592, with a 24-hour downfall of nearly 4%. Despite the pullback, Dogecoin remains the biggest player in the meme segment, with a market cap of $38.39 billion. Amid the increasing chances of a downfall, will DOGE prices hit a post-quarterback reversal to hit a new 52-week high? Let’s find out. Dogecoin Downfall Continues: Will the Triangle Pattern Hold? In the 4-hour chart, the Dogecoin price action reveals a long-standing bearish trend. This has resulted in a crucial resistance trend. The bullish recovery last week failed to surpass the overhead resistance trend, aligned with the 100-EMA dynamic resistance. Currently, the pullback from the overhead trendline is testing the local support trendline, creating a triangle pattern. As Dogecoin trades at the $0.26 crossroads, the selling pressure is likely to bend the lower support. If this happens, the breakdown of the triangle pattern will mark an end to the short-term recovery and could test the crucial horizontal level at $0.24. Bearish Technical Indicators Signal More Pain for Dogecoin Increasing the chances of a downfall in Dogecoin, the dynamic average lines 200, 100, and 50 in the 4-hour chart maintain a bearish alignment. Furthermore, the 4-hour RSI line has dropped further and is likely to hit the oversold boundary line. This signals that selling pressure is increasing. Hence, the technical indicators hint at an increased chance of a pullback phase. In case of a closing price under the $0.24 level, the DOGE price is likely to fall to the $0.20 psychological mark. On the optimistic front, a bullish comeback surpassing the resistance trendline could push DOGE toward the…

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Filed under: News - @ February 17, 2025 9:20 am