"Dogecoin Plummets: Traders Bet on Further Decline as Key Support Levels Loom"

Dogecoin (DOGE) Price: Traders Turn Bearish as Price Hovers Near Critical Support Levels

Dogecoin's price continues its downward trajectory, trading at $0.23 as of Monday, February 24, 2025. The popular cryptocurrency has experienced an 8.55% decline over the past week, prompting traders and analysts to closely monitor key support levels.

The latest market data reveals a notable shift in trader sentiment, with a long-to-short ratio of 0.87 for DOGE. This metric indicates that more traders are positioning themselves for further price decline rather than anticipating an immediate recovery.

Technical analyst Kevin, in his recent livestream analysis, highlighted Dogecoin’s historical pattern of large retracements followed by new highs. He pointed out that previous bull market corrections ranged between 53% and 57%, noting that the current correction of 58% aligns with these historical patterns.

The cryptocurrency’s price action shows a clear rejection at the 50% retracement level of $0.27, calculated from its August 14 low of $0.05 to the December 2 high of $0.48. This rejection has reinforced the bearish sentiment in the market.

Market observers note that the $0.30 price level represents a crucial threshold for Dogecoin’s potential recovery. This level coincides with both the macro golden pocket and the weekly bull market support band, making it a key target for bulls.

Technical indicators on the daily chart paint a bearish picture, with the Relative Strength Index (RSI) reading 32, approaching oversold territory at 30. This suggests strong downward momentum in the short term.

The immediate support level at $0.20, which corresponds to the February 3 low, has become increasingly important as traders watch for potential price stabilization. A breach below this level could trigger further selling pressure.

Trading volume analysis shows a gradual decline in buyer interest, with sellers maintaining control of the market momentum. This pattern often precedes extended periods of consolidation or further price corrections.

Kevin’s analysis emphasizes the importance of broader market conditions, particularly Bitcoin’s performance, in determining Dogecoin’s future price movement. He notes that DOGE typically follows