Dogecoin has turned bearish after losing the crucial $0.10 psychological support, increasing concerns of a deeper correction in the coming days. The broader crypto market weakness, combined with declining derivatives activity, has added further pressure on the memecoin. The latest drop comes as Bitcoin and the altcoin market continue to face macro-driven selling pressure, while the DOGE price appears to be breaking down from a multi-week rising structure.
With momentum weakening and Open Interest declining sharply, traders are now watching whether DOGE price could extend its losses toward lower support zones.
Dogecoin is trading within a rising parallel channel after rebounding from the yearly lows near $0.078. Dogecoin recently faced rejection from the upper boundary of the ascending channel near $0.11–$0.117, triggering a sharp pullback toward the lower support trendline. The failure to hold above the psychological $0.10 level indicates that bullish momentum has weakened considerably.
The chart also includes the Supertrend indicator and Open Interest data, both of which currently favor the bears. DOGE has slipped below the mid-range support of the channel while derivative activity continues to weaken rapidly. The Supertrend has turned bearish, indicating the buyers are losing the control and hence the probability of a continued bearish trend remains high.
Technically, if DOGE loses the lower trendline support near the current range, the price could slide toward the next support near $0.091 to $0.089, which would represent nearly an 8% decline from the present levels
The rejection from the upper channel resistance, combined with falling Open Interest and a bearish Supertrend setup, suggests the memecoin may remain under pressure in the short term. If the lower channel support fails to hold, DOGE price could witness another sharp decline toward the $0.09 region. However, reclaiming the lost support zones could help the bulls regain momentum and prevent a deeper correction.