DOGE faces the risk of falling below $0.35

Has the price of DOGE entered the bearish zone?

Can DOGE survive in the ongoing supply flood and bounce back from $0.35, challenging key resistance levels?

As the cryptocurrency market is hit by a wave of massive liquidation, DOGE faces enormous selling pressure, leading to a sharp decline in price. In this situation, the price of DOGE is at a crucial moment that will determine its future trend.

With the significant outflow of investors in the meme coin field, the chance of DOGE reversing seems slim. Is it inevitable for the largest meme coin to withstand the selling pressure or drop to $0.30?

DOGE (DOGE) Price Analysis

The price trend of DOGE on the 4-hour chart shows a significant pullback in the past few weeks. After failing to reach the psychological barrier of $0.50, DOGE rebounded to a peak of $0.4846 on December 8, 2024.

Since then, market volatility has intensified, suppressing buying pressure on DOGE. After falling below the 200-EMA line on the 4-hour chart, DOGE fell to a 24-hour low of $0.3574 as the market pulled back.

However, the price of DOGE shows a downward trend, and the current trading price is 0.35962 US dollars. The sudden surge in supply has triggered a massive sell-off, leading to a bearish crossover between the 20-EMA and 200-EMA lines.

In addition, the bearish momentum of 4-hour DOGE has strengthened, resulting in a decrease in the 4-hour RSI, which has entered the oversold zone and issued a sell signal.

This limits the possibility of forming a double bottom at $0.35, as the DOGE price rebounded from similar levels in November. Therefore, technical indicators suggest that a bullish reversal is unlikely to occur.

DOGE key price levels

If the upward trend of DOGE continues to be above the 23.60% Fibonacci level of $0.3732, it will face multiple dynamic resistances, including the 200-day and 20-day EMA lines. These may hinder the upward trend, making it difficult for the price to reclaim the $0.40 mark.

On the contrary, as market volatility increases, speculative traders in the meme coin space may exit their positions. In this case, the price of DOGE may retest the key support level of $0.34 and bring additional pressure.