Dogecoin (DOGE) Uptrend Officially Over? Price Loses Key Support

Dogecoin's Bullish Trend May Be Ending

Cover image via U.Today

Dogecoin, the popular meme coin, has seen a strong uptrend over the past couple of months. However, it has recently broken below key support levels, casting doubt on its bullish momentum.

Support Breach

DOGE has dropped below two crucial indicators that are often used as support during an uptrend: the 50 EMA ($0.31) and the 100 EMA ($0.26). The breakdown of these levels has increased bearish momentum, and DOGE is now trading at $0.24.

Lower Highs and Lower Lows

A change in structure suggests a downward trend in the market. DOGE has been making lower highs and lower lows recently, which is a sign that the bulls are losing control.

Weakening Volume Profile

The most recent attempt at recovery has been met with a drop in buy-side volume. This indicates a lack of strong bullish sentiment and could be a sign that the rally is losing steam.

Outlook

The 200 EMA, currently around $0.24, serves as the last line of support. If this level breaks down, DOGE could exit its uptrend and enter a period of prolonged downtrend.

While a complete reversal is unlikely in the near future, a bounce from this level could offer a brief recovery toward the $0.26-$0.28 range. However, if selling pressure persists, DOGE could fall further toward $0.22 or even $0.20.

Although Dogecoin has experienced significant recoveries in the past, the current corrections structure suggests that this time may be different. Multiple EMA losses, a sharp drop from the peak, and waning momentum all point to the end of DOGE's bullish trend.