Technically, the 4-hour chart shows that the DOGE/USD pair has fallen below the 20-period EMA line.
EMA is used to detect trends in cryptocurrency by analyzing price volatility. When the price rises and is above the EMA line, the trend is considered bullish. Conversely, if the price drops below the EMA line, the trend will turn bearish and the downward momentum may accelerate.
According to the chart, the price of Dogecoin is currently at $0.45, below the 20-period EMA line (the blue line). Given this condition, the price of this memecoin could drop further, with the Fibonacci retracement indicator suggesting that the decline could reach $0.42.
However, if DOGE breaks above the EMA line, the trend could change. In that case, the price could surpass the $0.48 level and move closer to the $1 mark.