Market Downturn Hits Dogecoin Hard: Is a Larger Correction on the Horizon?

Similar to major assets in the cryptosphere, Dogecoin (DOGE) is facing renewed selling pressure as broader crypto market weakness intensifies, pushing the memecoin below several key technical levels. Related Reading: $300 Million Crypto Bet: Kazakhstan’s Central Bank Gears Up The decline occurs amid outflows, a weakening market structure, and fading speculative interest, raising questions about whether a deeper correction may be underway. DOGE’s price trends to the downside on the daily chart. Source: DOGEUSD on Tradingview Dogecoin Breaks Key Supports as Selling Pressure Mounts Dogecoin slipped below important support areas after breaking a bullish trend line on the hourly chart, continuing a multi-day downtrend. The price now trades below the 100-hour simple moving average, near $0.13, with MACD momentum strengthening in the bearish zone and the RSI remaining below 50. The coin declined more than 8% in 24 hours, falling through multiple Fibonacci retracement zones and failing to rega