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Dogecoin Enters 'Full Breakdown Mode': How Low Can DOGE Go?
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Enters ‘Full Breakdown Mode’: How Low Can DOGE Go?

Jake Simmons
Jake Simmons
5 months ago
3 mins read
Dogecoin price news

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The Dogecoin (DOGE) price is showing signs of pronounced weakness after a major price surge over the past two days. At one point on Monday and Tuesday combined, DOGE prices fell more than 21%. Following a remarkable rally since October 10—during which the memecoin surged over 360%—Dogecoin reached $0.4834 on December 8, the highest price since May 2021. However, strong downward pressure has since emerged.

How Low Can Dogecoin Price Go?

The current technical landscape suggests DOGE is at a critical juncture. Crypto analyst Kevin (@Kev_Capital_TA) shared his perspective on X with a daily DOGE/USD chart, commenting:

“Dogecoin is in full breakdown mode. Everyone with their triangle kept saying that DOGE was breaking out but as the Doge lead analyst I was able to identify that on the macro linear chart Doge was actually right at its biggest points of résistance that being the macro golden pocket. I warned everyone that this was not the place to feel over exuberant and a major pullback was on the table. You’re welcome.”

Dogecoin price analysis

Kevin has previously highlighted the “golden pocket”—a zone defined by key Fibonacci retracement levels (the .703 and the .786), located in the $0.47-$0.60 range—as a critical resistance area. This region needed to be decisively overcome for DOGE to have a chance at reaching new all-time highs. The recent downturn suggests this resistance has held firm.

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Compounding the bearish case, the Dogecoin price recently broke below a rising trend line that had supported its advance over the past month. This trend line failure indicates a shift in market dynamics. When a price chart breaks below such a line, it frequently suggests that the buying pressure once driving the asset higher is waning. Traders may interpret this breach as a cue to take profits, exit long positions, or consider short setups.

Another technical indicator supporting a bearish outlook is the Relative Strength Index (RSI) on the daily chart. The RSI has been trending downward over the past month, even as DOGE continued making higher highs.

This classic bearish divergence—where price action and momentum indicators move in opposite directions—often precedes reversals. The recent move below the supporting price trend line, coupled with the RSI line breaking its own uptrend, confirms that the momentum may have decisively shifted to the downside.

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5 months ago

As for potential downside targets, Kevin’s chart suggests that DOGE could drop into the $0.29-$0.26 region.

Meanwhile, a closer look at the Fibonacci retracement levels on the daily chart provides a roadmap of possible support zones. Currently, the 0.5 Fib retracement at $0.39 appears to be a key battleground. A successful defense of this level might halt the bearish trend and even set the stage for a bounce back above the broken trend line.

However, a daily close below the 0.5 Fib would likely open the door to deeper retracements. Under such circumstances, DOGE could target the 0.382 Fib at $0.31 and even the 0.236 Fib at $0.21 as the next potential support levels if the selling momentum accelerates. On the lower time frames, the 4-hour 200 EMA is currently the crucial support to hold.

Dogecoin price
DOGE price bounces off the 200-EMA, 4-hour chart | Source: DOGEUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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