Here’s a creative rewrite of the article while maintaining its core information and structure:
**Key Insights:**
Dogecoin experienced a sharp 20% decline, breaching the critical $0.10 support level.
On the weekly chart, DOGE is testing a significant bullish trend line with support at $0.0980.
To avoid further declines, it is crucial for bulls to secure a weekly close above $0.0980.
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**Dogecoin Price Forecast: Bearish Outlook**
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As reported on Google News
NEW DELHI (CoinChapter.com) — The price of DOGE has relinquished most of its yearly gains, slipping below the $0.10 mark. The cryptocurrency now faces a pivotal challenge to maintain support above $0.0980 in order to initiate a potential recovery phase.
Dogecoin’s Price Turns Bearish
In the previous analysis of DOGE’s price trends, we highlighted the obstacles hindering its recovery path. Despite attempting to rally, persistent selling pressure capped gains below $0.1220, triggering a fresh decline that breached the $0.1150 support level.
Over the past few days, Bitcoin, Ethereum, and major altcoins experienced significant bearish reactions. Bitcoin dipped below $60,000, Ethereum broke through the $3,000 support, and BNB plummeted below $500. These movements exerted downward pressure on DOGE, causing it to drop below the $0.1050 support level.
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Dogecoin’s weekly price chart | Source: DOGE/USD on TradingView.com
The decline extended below the 61.8% Fibonacci retracement level from the low of $0.0568 to the high of $0.2286. Currently, Dogecoin faces a critical test at the $0.0980 support level, coinciding with a major bullish trend line on the weekly chart and the 76.4% Fibonacci retracement level from its recent swing low to high.
Failure by DOGE bulls to defend the $0.0980 support on a weekly closing basis may pave the way for further downside. Initial support below lies near $0.080, with a more significant level at $0.0695. A breach of this zone could potentially lead to a deeper decline towards the pivotal $0.0565 level, with further losses opening up towards $0.040.
Prospects for DOGE Recovery?
Conversely, if Dogecoin manages to hold above the $0.0980 support level, it could embark on a recovery phase. Immediate resistance is anticipated near $0.1050, followed by a crucial hurdle around $0.1120. A conclusive break above $0.1120 might propel the price towards $0.1200.
The primary challenge for bullish momentum remains at the $0.1220 resistance level. A successful breach above this barrier could alleviate bearish pressures and potentially push the price towards $0.1420.
In summary, DOGE currently signals a significant bearish trend. A failure to sustain above $0.0980 this week could spell further losses in the near term. Conversely, a successful defense of this level may initiate a corrective bounce towards resistance levels such as $0.1220.