Dogecoin’s Plunge: Will Bulls Bark Back or Roll Over?

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What ho, old sport! The crypto market, that fickle minx, has been meandering about like a lost spaniel, what with all the chaps suddenly taking a fancy to gold and silver. But when those precious metals decided to take a breather from their lofty heights, one might’ve thought risk assets would catch a jolly break. Not a bit of it! Selling pressure, that pesky blighter, has been ramping up like a terrier after a postman. Bitcoin, poor chap, took a tumble to intraday lows near $81,000, dragging the broader crypto sentiment down with it. And Dogecoin, that plucky little scamp, hasn’t been spared either-it’s now teetering on the brink of a crucial support zone around $0.10.

The question on every fellow’s lips, of course, is whether the DOGE bulls can muster the gumption to defend this support, or if we’re in for a spot of bother-a 50% pullback, no less. Dash it all, that’s enough to make one spill one’s tea.

Old Dogecoin, you see, is at a bit of a crossroads, what with its price retesting a rising trendline that’s been its trusty sidekick for nigh on a decade. Historically, this trendline was the ceiling to DOGE’s ambitions until the 2021 bull run, when it flipped into a jolly good support zone. Now, it’s hovering near this level again, making it the sort of critical area that could make or break a chap’s day. However, the broader technicals are looking about as supportive as a wet umbrella-increasing the risk of a structural breakdown, I’m afraid.

The long-term chart, old bean, is painting a picture that’s about as cheerful as a Monday morning. The monthly MACD has turned lower, signaling that selling pressure is on the rise, while the monthly RSI has slipped below its median level, reflecting momentum as weak as a cup of tea without biscuits. True, the DOGE price has briefly dipped below $0.10 in the past and bounced back like a rubber ball, but the current setup lacks the sort of bullish confirmation one might hope for. If this trendline fails to hold, Dogecoin could be in for a deeper correction, potentially a 40-50% downside from current levels. Enough to make one clutch one’s pearls, eh?

From a technical standpoint, the Dogecoin price is approaching what one might call a high-risk decision zone. It’s pressing against that long-term ascending trendline, which has been a structural pivot since 2014, bless it. But the failure to produce a strong bounce here points to bullish momentum as faded as last season’s fashion. A decisive monthly close below the trendline and the $0.10-$0.09 support band would confirm a macro breakdown, opening the door for a deeper retracement toward the $0.06-$0.05 demand zone. Dash it all, one can hardly bear to think of it!

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2026-01-30 22:16