Dogecoin (DOGE) Faces Critical Support Levels Amid Persistent Bearish Pressure

Dogecoin (DOGE) has further succumbed to the bearish pressure, dropping below the crucial $0.12 support level. Trading at $0.1079, with a 24-hour trading volume of $949,738,368, DOGE has experienced an 8.02% price increase in the last 24 hours but a 12.65% decline over the past week. 

The memecoin’s market cap stands at $15,637,081,694, with a circulating supply of 140 billion DOGE. The pressing question remains whether DOGE can rebound from the immediate support range at $0.096-$0.01 to halt the ongoing decline as bulls strive for a comeback.

The bearish pressure has dominated DOGE since its price action reversed from the $0.22 resistance mark. Consequently, the memecoin lost over 54% of its value in the last three months. During this period, DOGE formed a classic descending triangle structure on the daily chart. After testing the $0.129 level for over three months, bears instigated a series of red candles below this baseline, confirming a bearish pattern breakout.

Following this breakout, bulls retested the $0.129 level, but the 20 EMA resisted the rally, causing DOGE to continue its downtrend. Currently, DOGE approaches the crucial $0.01-$0.096 support range. This range is vital for stopping immediate declines, as it represents a relatively high liquidity zone where bears might encounter resistance from bulls.

Moving forward, the $0.01-$0.096 support range is crucial for DOGE to halt further declines. An analysis of the visible range volume profile indicates that the prevailing price is at the brink of a high liquidity zone. Consequently, bears are likely to face resistance from bulls for further pullbacks. A reversal from the current support range could help bulls retest the $0.11-$0.12 range. If DOGE rallies above the 20 EMA, it may enter a low-volatility zone.

The Relative Strength Index (RSI) remains in the oversold territory, signaling a potential bullish reversal. Any reversal from the current position will confirm this bullish bias. Notably, DOGE’s highest recorded price was $0.7316 on May 08, 2021. The current price is 85.27% lower than this all-time high. On the downside, a decline below the immediate support range could expose DOGE to an extended decline toward the $0.08 zone.