Dogecoin Faces Critical Support Levels Amid Persistent Bearish Trend

• DOGE faces critical support at $0.096-$0.01 after losing over 54% in three months, highlighting its short-term stability.
• Bulls might counteract bearish pressure if DOGE reverses from the $0.096-$0.01 support range, retesting $0.11-$0.12.
• RSI in oversold territory indicates potential bullish reversal; DOGE could stabilize if it rallies above the 20-day EMA.

Dogecoin (DOGE) has fallen below the crucial $0.12 support level, now trading at $0.1102. 

The memecoin has faced bearish pressure, losing over 54% in value over the past three months and 10.08% in the last week. With a market cap of $15.97 billion and a circulating supply of 145 billion DOGE, the key support range of $0.096 to $0.01 is crucial to stopping further declines.

Following a decline from the $0.22 barrier level, DOGE entered a bearish trend. The cryptocurrency has been declining ever since, as seen by the daily chart’s descending triangle pattern. Bears forced the price below this level, extending the downtrend after the level had been tested at $0.129 for almost three months.

Source: TradingView

Bulls attempted to retest the $0.129 level, but the 20-day EMA acted as strong resistance, preventing any recovery. As a result, DOGE has now approached the crucial support range of $0.096 to $0.01, which is vital for stopping further declines. This range represents a high liquidity zone where bulls might counteract bearish pressure.

The $0.096 to $0.01 support range is essential for DOGE’s price stability. Analysis of the visible range volume profile indicates that the current price is near a high liquidity zone, suggesting that bears may encounter resistance from bulls. 

A reversal from this support range could enable bulls to retest the $0.11 to $0.12 range. Should DOGE rally above the 20-day EMA, it might enter a low-volatility zone, potentially stabilizing its price.

The Relative Strength Index (RSI) remains in oversold area, indicating a potential bullish reversal. Any reversal from the current support range could confirm this bullish bias. However, if DOGE falls below the immediate support range, it could face an extended decline toward the $0.08 zone.

The $0.096 to $0.01 support zone is crucial for DOGE’s short-term prospects, as the continuous bearish pressure emphasizes. Traders and investors will be keenly watching this range to see if DOGE can turn around in the midst of the current slump.