Dogecoin (DOGE) price is showing signs of weakness as it flirts with a critical support level and trades at approximately $0.222 on May 28. The top meme coin has slipped nearly 12% from its May 11 peak, raising concerns of a deeper correction.

Analysts now warn that a break below current levels could trigger a sharp 20% decline, especially as technical indicators begin flashing red.

One expert, Quantum Ascent, believes DOGE may be midway through an Elliott Wave corrective pattern – hinting at further downside.

$DOGE | @dogecoin

Macro Wave 2 Underway 🌊

Targeting $0.195-$0.169 🚩

Let’s Dive into the Count 👇 pic.twitter.com/cMlf2j0qZf

— Quantum Ascend (@quantum_ascend) May 27, 2025

He identified the recent May surge – a 50% rally over three sessions beginning May 8 – as the final thrust of a five-wave sequence. That move, he warned, now appears fully “mature”, setting the stage for a multi-leg pullback.

The analyst sees a near-term downside target of $0.205, with deeper supports lurking between $0.195 and $0.17 based on Fibonacci retracement levels from the early-May rally.

DOGE Price Analysis: Waning Bullish Momentum

A closer look at Dogecoin’s daily Relative Strength Index (RSI) and MACD shows that the RSI is currently at 53.99, just below the neutral 60-level that typically defines bullish strength. However, the gradient of the line suggests that sellers are quickly gaining over.

The MACD is also showing a bearish crossover brewing. The MACD line (0.00905) is dipping below the signal line (0.01156), with the histogram starting to print negative bars.

DOGE Daily Chart. Source: TradingView

Additionally, Dogecoin has been forming a months-long descending channel stretching from its March highs, but the follow-through has been weak.

The price is now consolidating beneath a diagonal resistance line after failing to close decisively above it.

This rejection from the upper trendline of the channel – combined with a declining RSI and an impending MACD cross – paints a technically fragile picture.

Should DOGE break below the $0.21 support level, the next major areas of interest lie at: