Dogecoin's price has continued to weaken amid an aggressive downtrend, marked by consecutive lower highs and lows within a bearish channel. Support at $0.13 has failed to hold against selling pressure, raising the chances of retesting the yearly low around $0.08. Market structure shows no signs of reversal without stronger buyer interest.
Dogecoin's market has shown a clear deterioration in recent weeks, with the asset locked in a strong downtrend. Since its rejection at the high-time-frame resistance near $0.21, the price has formed a series of lower highs and lower lows, confirming bearish momentum. This shift followed a backtest of the $0.21 level and the subsequent loss of the point of control, allowing sellers to dominate.
The price remains confined within a well-defined descending channel, validated by multiple touches on both its upper resistance and lower support boundaries. Upward attempts have faced quick rejections, while downward moves proceed with little opposition, reinforcing the controlled decline.
A recent stabilization effort at the $0.13 support level was tested twice, but weak bullish momentum prevented any breakout from the channel or reclamation of key volume areas. This failure highlights the absence of committed buyers, leaving the trend intact.
Volume patterns further underscore the bearish outlook: rallies occur on low volume, indicating limited interest, while sell-side pressure spikes at resistance points. Untapped liquidity below the $0.08 yearly low adds to the downward pull, making a retest probable if the channel holds.
For a reversal, Dogecoin would need to reclaim the value area low and breach the channel's upper boundary, but current dynamics suggest continued pressure unless volume shifts significantly.