Dogecoin (DOGE) Faces Selling Pressure, Will $0.1 Support Hold?

Performance of Leading Meme Coins

Major meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE) have seen a 5-6% price drop in the last 24 hours.

Dogecoin Price Analysis

Dogecoin's price rebounded significantly from the $0.915 support level, gaining 57% before facing resistance at $0.143 and retracing by 13% to $0.124.

If selling pressure continues, DOGE could retest the $0.1 psychological level and support timeline. However, the falling wedge pattern indicates a bearish trend that may extend further. A retest of the $0.1 support level could lead to a decline of over 20%.

Market Outlook

The recent market correction is perceived as a potential pullback before the next uptrend. However, meme coins are experiencing increased selling pressure. Investors face the decision of selling or holding for a potential rebound.

Conclusion

While the selling pressure has led to a decline in meme coin prices, the falling wedge pattern indicates a potential trend reversal. If buyers accumulate momentum, Dogecoin could potentially break out of the wedge and initiate a rally targeting $0.228.