Trapped in a long-term downtrend, the DOGE price is down by almost 60% since November 2022. With the crucial EMAs maintaining a downtrend, the future seems bleak for the dog-themed memecoin.
In the daily chart, the DOGE price action displays a falling wedge pattern with an ongoing correction phase. Moreover, the DOGE price action mimics a head and shoulder pattern with the fakeout of $0.64 during the consolidation phase.
In hindsight, the drastic 4.20% fall on the 10th and 11th of September led to the head and shoulder breakdown.
Currently, the DOGE price trades at $0.610 with a higher price rejection in the intraday candle that displays a retest of the bearish breakdown. Moreover, it promotes the possibility of a downtrend continuation.
Coming to the technical indicators, the MACD indicator displays a bearish crossover. Meanwhile, the RSI indicator approaches the oversold boundary.
In the 4-H chart, the DOGE price action displays a quick reversal to retest the broken range at $0.61. If the bearish supply increases at the $0.61 resistance zone, the downtrend continuation can break under the $0.59 mark. This increases the possibility of a downfall with a post-retest reversal.
The DOGE price action can challenge the support trendline of the falling wedge pattern and reach the $0.053 mark before taking a bullish reversal. This will lead to extreme pressure on upcoming support levels and challenge the bullish dominance.
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