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Dogecoin's price continues to fall, struggling to find a stable support level. Once a cryptocurrency market favorite, this meme coin is dangerously close to a critical price zone that could trigger a further decline. Continued bearish sentiment could push DOGE's price even lower, potentially adding another zero to its value.

The price chart shows Dogecoin repeatedly failing to break through significant resistance, particularly around $0.18. Lower highs are consistently forming, indicating weak bullish momentum. A death cross (where the short-term moving average crosses below the long-term moving average) further reinforces the prevailing downward pressure.

DOGE/USDT Chart by TradingView

Low trading volume exacerbates the situation. Failure to hold above the next key support level, around $0.16, significantly increases the likelihood of further price drops. Falling below this level could push DOGE below $0.10, marking a substantial loss. Conversely, breaking above resistance around $0.22 is crucial to reverse this trend and prevent a more severe decline.

While increased buying interest could spark a recovery, a sustained uptrend is unlikely without a significant catalyst, such as increased whale activity or a broader market recovery. A breakdown of current support could send Dogecoin's price down to between $0.09 and $0.10, adding another zero.

Such a move would signal declining investor confidence and significant market weakness. However, if bulls reclaim key resistance levels, DOGE could stabilize and potentially rebound. Currently, the price action suggests a higher risk of further losses, placing Dogecoin in a precarious position.

The next trading sessions will be crucial in determining whether Dogecoin can hold its ground or face another sharp decline. Investors should closely monitor the market for signs of a reversal before making investment decisions. Read original article on U.Today