Dogecoin’s Slide Continues Amid Crypto Market Downturn
Dogecoin (DOGE) has been on a downward trend, falling sharply to $0.2180—a 25% dip from its peak in July. With a market cap now hovering around $32 billion, it seems the $1 dream might be slipping away.
The daily chart reveals two bearish formations affecting the coin’s price. A rising wedge pattern consists of two upward-sloping lines that converge, signaling trouble ahead as prices may break out negatively soon. This formation is nested within a larger head-and-shoulders structure that began shaping up in 2023. With the head at $0.4825 and shoulders at $0.2275 and $0.2865, DOGE looks set to drop towards the neckline and potentially retest its June lows at $0.1415.
technical indicators further darken the picture. The MACD is poised to cross below zero, and the RSI has dipped under 50—both hinting at downward momentum.
- Rising wedge pattern indicates a potential bearish breakout
- Head-and-shoulders formation suggests further price declines
- MACD and RSI signal negative momentum
Despite these gloomy predictions, ther are rays of hope. If Bitcoin rallies, it could lift other altcoins including Dogecoin. Additionally, approval of spot DOGE ETFs by the SEC could bring in much-needed investment flows. Three companies—Bitwise, Grayscale, and 21Shares—are pushing for these ETFs, betting on DOGE’s liquidity and similarity to Bitcoin. This could tip the scales and push DOGE towards that elusive $1 target.
