【Dogecoin Again 'Struggling'? Key Support Lost, Bears Take Control!】📉

Recently, Dogecoin (DOGE) has been underperforming, with prices entering a downward trend once again, looking like it's about to 'die'! Starting from the resistance level of $0.2120, DOGE has been weakening all the way down, showing a clear downtrend, even trailing behind its big brothers Bitcoin and Ethereum, which is quite a setback. 😓

From a technical perspective, Dogecoin has already fallen below the key support levels of $0.2050 and $0.20, and bearish sentiment is rapidly rising. During the upward trend from the low of $0.1886 to $0.2112, the price has now fallen below the 50% Fibonacci retracement level, indicating that the gains have been 'halved'. 💔

Moreover, what's even more 'heartbreaking' is that DOGE is now unable to hold the $0.1980 level, with the 100-hour simple moving average also turning downward, indicating a weak overall trend. 🕳️ On the hourly chart, a descending channel is quietly forming, with the upper edge stuck right at the key resistance level of $0.20, making it quite challenging for the bulls to break through.

Currently, $0.20 is the first hurdle for Dogecoin's upward journey, while the real 'Boss-level' resistance remains at $0.2050. Only by successfully breaking through these two levels can DOGE have a chance to return to a bullish rhythm. Otherwise, if not careful, it may further test the previous low points or even challenge the support in the $0.1880 region. ⚠️

To summarize: Dogecoin is currently in a short-term technical correction phase. For the bulls to turn things around, they need to first overcome the 'dog threshold' of $0.20🐾. Otherwise, the bears will continue to dominate, and prices may slip further down. Investors, remember to keep a close eye on the market, control risks, and don't get bitten by the dog! 🫣#doge⚡