Dogecoin’s recent market performance has added to growing concerns about the fading strength of the meme coin sector. Over the past 24 hours, the meme coin has plunged by nearly 4%, pushing its price below $0.16 for the first time since April. This slide now extends a month-long downtrend, during which Dogecoin has been dropping from $0.23 up until the time of writing.
Dogecoin Price Slips Below $0.16
Multiple support levels have been breached along the way to Dogecoin’s recent crash below $0.16, including $0.21 and $0.18. Notably, Dogecoin’s price decline has intensified in the past two days, which has caused it to fall in market cap rankings and become overtaken by Tron. At the time of writing, DOGE is posting losses of about 36% in a 30-day timeframe.
This latest correction is not just a Dogecoin-specific event but reflects a broader decline in the entire crypto industry. Bitcoin’s sideways trading near the $104,000 to $106,000 range has weighed heavily on altcoins, and Dogecoin has proven particularly vulnerable. Furthermore, fading meme coin enthusiasm has also played a role, with other meme coins like Shiba Inu and PEPE down by around 30% in the past 30 days.
What’s Next For DOGE?
Now that Dogecoin is officially trading below $0.16 again, the outlook is increasingly turning bearish. Technical analyst Ali Martinez, posting on social platform X, had previously pointed out the importance of Dogecoin’s previous price range between $0.16 and $0.22.
As noted by the analyst, a daily close outside this price range would signal the next major directional move, which could be as much as 60% in either direction. That signal has now been triggered into a downside movement. According to Martinez, this breakdown could pave the way for a sharp 60% correction if selling pressure increases. The symmetrical triangle pattern visible on the daily chart, once a sign of neutral consolidation, has now tipped bearish.
From a technical perspective, this breach invalidates the previous range-bound support and opens up downside targets as low as $0.088, a level not seen since the early stages of DOGE’s rally in August 2021. The Fibonacci levels also reinforce this outlook, with the next significant support sitting around $0.13. Unless Dogecoin can witness a rapid recovery above $0.16 in the coming days, its price may be heading toward a much deeper retracement, one that could redefine its position in the current market cycle.
Nonetheless, hopes for a Dogecoin ETF are still active, but they have failed so far to offset the weight of the bearish price action. According to Bloomberg Intelligence analyst James Seyffart, the odds of the SEC approving a Spot Dogecoin ETF are now about 90%. Only Litecoin, Solana, and XRP have a higher approval chance of 95%. At the time of writing, DOGE is trading at $0.1565.
Featured image from Dall.E, chart from TradingView.com
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