Dogecoin Extends Downtrend After Breaking Key Support Zone

Dogecoin's price action shows a concerning downtrend. A recent break below a key swing low confirms a bearish "Break of Structure" (BOS), signaling a potential continuation of the downward trend. Sellers currently dominate the market, with no immediate signs of a reversal.

The asset is currently retracing, searching for a new support level to stabilize. This retracement follows a series of lower highs and lower lows, as noted by Trader Tardigrade's analysis of the 4-hour DOGE chart. The price previously formed lower highs near $0.22 and $0.21 before breaking key support levels at $0.17 and $0.15, resulting in new lower lows around $0.13 and $0.12 respectively. Each bearish order block was respected, with the price consistently rejecting attempts to move higher.

Source: Trader Tardigrade

As of April 7th, 2025, CoinMarketCap data shows Dogecoin trading at $0.1478, down 4.17% in the last 24 hours. Trading volume surged 394.30% to $3.72 billion, while the market cap decreased by 4.20% to $21.99 billion. DOGE maintains a total and circulating supply of 148.75 billion tokens, with no supply limit. The fully diluted valuation (FDV) mirrors the market cap at $21.98 billion. The 24-hour volume-to-market cap ratio is 16.91%. Price fluctuations within the day ranged from $0.130 to $0.154, showcasing high volatility with several sharp dips and recoveries. The price eventually stabilized near $0.147 after several minor corrections.

Source: CoinMarketCap

Dogecoin's current retracement phase highlights its struggle to find stable support. Without a swift discovery of support, a continuation of the downtrend remains a significant possibility. The price remains below the broken structure, reinforcing bearish pressure and suggesting the search for a bottom is ongoing.

Tags: Altcoin, Crypto market, Cryptocurrency, Dogecoin (DOGE)