Dogecoin Plummets 15% as Bearish Trend Intensifies

Dogecoin (DOGE) has been under significant selling pressure, with its value dropping by 15% over the past week. This decline has left the cryptocurrency struggling to find support, with technical indicators pointing to a strong bearish trend. If this downward momentum continues, DOGE could soon test the support level at $0.142. A break below this level would push DOGE under $0.14 for the first time since October 2024, further solidifying the bearish sentiment. However, if meme coin hype resurfaces and buying pressure returns, DOGE could attempt a recovery, with key resistance levels at $0.19 and $0.22 standing in the way of a potential trend reversal.

The Ichimoku Cloud chart for Dogecoin paints a bearish picture. The price is currently trading below both the blue Tenkan-sen (conversion line) and the red Kijun-sen (baseline), indicating that short-term momentum remains negative. The Ichimoku cloud (Kumo) ahead is red, reinforcing the ongoing bearish sentiment, while the cloud itself is positioned well above the current price. The downward slope of the Tenkan-sen and Kijun-sen further confirms the strength of the bearish trend, making any recovery attempts fragile unless DOGE can reclaim these lines. A move into the cloud would indicate a potential transition to a neutral phase. However, for now, the trend remains clearly bearish. Until the price breaks above the Tenkan-sen and Kijun-sen or the cloud turns green, any upside moves could be temporary pullbacks within a broader downtrend. If selling pressure persists, DOGE could continue its decline, potentially testing lower support levels in the coming sessions.

Dogecoin’s Directional Movement Index (DMI) chart shows that its Average Directional Index (ADX) is currently at 39.1, a sharp increase from 17.1 just two days ago. The ADX measures trend strength, with values above 25 indicating a strong trend and those below 20 suggesting weak or ranging market conditions. The rapid rise in ADX confirms that Dogecoin’s ongoing downtrend is intensifying, signaling that sellers remain firmly in control. As ADX moves higher, it reinforces the idea that the current bearish trend is gaining momentum. The -DI (negative directional index)