Dogecoin (DOGE) Price is Primed for a Breakdown Below $0.3, May Trigger a 30% Plunge

Amidst Market Optimism, Dogecoin Faces a Potential Correction

The Dogecoin (DOGE) price has undergone a remarkable surge in recent years, despite previous bearish pressures. However, a recent trade analysis suggests that a 20% pullback may be on the horizon.

DOGE Mimicking PEPE's Trajectory

After the success of Dogecoin and Shiba Inu, Pepe has gained significant recognition as the third-largest memecoin. Its price pattern aligns with Dogecoin's trajectory in recent months, hinting at a potential pullback if DOGE continues to follow suit.

Support Breakdown and Resistance Test

The DOGE price has broken below its ascending trend line and is currently struggling to recover lost levels. This weakness raises concerns about the upcoming price action and suggests a possible loss of support at $0.3.

Downward Targets and Potential Rebound

Downward pressure on DOGE may propel it towards the support zone between $0.29 and $0.309. Bearish targets are activated as the RSI descends below the trend line.

If the price breaches the $0.3 support and reaches 0.382 FIB, it may fall to $0.246. However, a rebound is possible if the RSI reaches its threshold and the price rises above $0.3. Conversely, a drop to $0.2 could be imminent if the rebound fails.