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**Key Points to Note:**
Dogecoin faced a sharp 20% decline, slipping below the critical support level of $0.10.
On the weekly chart, DOGE is currently testing a significant bullish trend line with support at $0.0980.
It’s crucial for the bulls to defend against a weekly close below $0.0980 to prevent further losses.
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Dogecoin Price Prediction: Bearish Analysis
Read the full article on CoinChapter.com via Google News
NEW DELHI (CoinChapter.com) — The price of DOGE has retreated significantly from its peak this year, dropping below $0.10. Dogecoin needs to maintain above $0.0980 to initiate a potential recovery phase.
Dogecoin Sees Red
In our previous analysis, we highlighted the challenging path ahead for Dogecoin’s recovery. Despite attempts to rally, selling pressure persisted, preventing DOGE from surpassing $0.1220. Consequently, the price slid below the $0.1150 mark once again.
Over the last few days, Bitcoin, Ethereum, and other major altcoins also experienced significant bearish trends. Bitcoin dipped below $60,000, Ethereum breached the $3,000 support, and BNB fell below $500. This broader market downturn exerted downward pressure on DOGE, causing it to drop below $0.1050.
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Dogecoin Price Weekly Chart | Source: DOGE/USD on TradingView.com
The decline extended below the 61.8% Fibonacci retracement level from its recent low of $0.0568 to the high of $0.2286. Currently, Dogecoin is struggling to maintain a critical support zone at $0.0980. Additionally, it is testing a major bullish trend line with support at $0.0980 on the weekly chart, alongside the 76.4% Fibonacci retracement level of the aforementioned increase.
If DOGE fails to defend the $0.0980 support on a weekly closing basis, it could face further downward pressure. Initial support levels to watch include around $0.080, followed by a more substantial support near $0.0695. A breach below $0.0695 might trigger a decline towards the pivotal $0.0565 level, with potential further losses down to $0.040.
Potential Recovery for DOGE?
Conversely, maintaining support above $0.0980 could set the stage for a recovery in Dogecoin. Immediate resistance lies around $0.1050, with further significant hurdles near $0.1120. A close above $0.1120 could pave the way for a move towards the $0.1200 level.
Key resistance for bullish momentum stands at $0.1220. Surpassing this level would alleviate bearish pressures and potentially propel the price towards the $0.1420 resistance zone.
Overall, the current outlook for DOGE suggests significant downside risks. Failure to sustain above $0.0980 this week could lead to substantial losses in the near term. Conversely, a recovery scenario could see DOGE retesting the $0.1220 resistance level.
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