Dogecoin (DOGE) has had the worst performance among major cryptocurrencies during the recent market downturn, with its price plummeting by 4.13% as broader market conditions weakened.

All top cryptocurrencies by market cap are in the red after Bitcoin (BTC) failed to sustain the $95,000 support level. At the time of writing, DOGE’s market cap stands at $26.79 billion, showing a 3.93% decrease, while 24-hour trading volume fell by 36.86% to $1.24 billion, according to CoinMarketCap.

This marks a setback for Dogecoin, which had seen some optimism from analysts.

Earlier this month, analyst Ali Martinez pointed out Dogecoin’s long-term ascending price range since 2015.

The memecoin is known for forming higher lows, which historically sparked huge rallies—sometimes exceeding 500% increases. However, the worst-case short-term scenario has played out as DOGE failed to sustain its next major support level.

At press time, DOGE is down 4.13% in the 24-hour period to $0.1795, erasing gains from a recent 2.46% weekly lift.

Midterm technical outlook shows bulls failed to sustain momentum after last week's candle closure. If the daily candle continues to fall below $0.1577, correction pressure could deepen, pushing DOGE towards the $0.15 support zone.

Possible DOGE price scenarios

However, the Dogecoin community is looking towards potential future catalysts to spark a recovery.

Several DOGE-related ETF applications are currently pending approval from the SEC.

If approved, these ETFs could drastically improve liquidity and investor confidence, potentially setting the stage for a long-term bullish reversal.

At a higher time frame, Dogecoin is still respecting a long-term ascending channel—but without a strong recovery above $0.17, any positive price moves are seen as temporary relief rallies.

A 34% drop in trading volume also supports the bearish outlook as the base case scenario for now.