Dogecoin plunges to $0.08 as retail investors panic sell... "No support in sight"
Dogecoin plunges to $0.08 as retail investors panic sell... "No support in sight"
Dogecoin (DOGE) has plunged to the $0.08 level, breaking key technical support lines and intensifying downside pressure as it enters a full-fledged downtrend.
According to crypto news outlet NewsBTC on February 6 (local time), Dogecoin recently slipped below the $0.10 and $0.0950 support levels amid sharp declines in Bitcoin (BTC) and Ethereum (ETH). Analyst Aayush Jindal noted that selling pressure accelerated after DOGE closed below $0.1120, with the price at one point sliding to around $0.080, marking its lowest level of the year.
Dogecoin is currently trading below both the $0.0950 level and the 100-hour simple moving average, maintaining a clear bearish phase. On the hourly chart, a descending trendline has formed with resistance near $0.0950, and failure to break above this area could lead to further erosion in asset value. The hourly Relative Strength Index (RSI) remains below the 50 baseline, signaling subdued buying sentiment.
If a technical rebound occurs, the first resistance lies near $0.090, with the confluence of $0.0950 and the downtrend line seen as the most critical zone. In particular, only a decisive recovery of $0.0985—the 61.8% Fibonacci retracement of the previous decline—would secure upward momentum toward $0.1050, but for now buying interest appears largely exhausted. Previously, Dogecoin attempted to reclaim the 23.6% Fibonacci retracement above $0.0840, but failed to overcome resistance.
Pessimism is also growing that if Dogecoin fails to hold the $0.080 support, the price could plunge vertically to $0.0750 or lower. Worsening market sentiment and a wave of leveraged liquidations have significantly weakened DOGE’s recovery potential. The hourly Moving Average Convergence Divergence (MACD) remains in bearish territory without slowing, reinforcing the likelihood of further declines.
Investors are maintaining a cautious stance, closely watching whether the current downtrend line can be broken and whether the price can stabilize above the 100-hour simple moving average. Failure to reclaim key resistance levels could prolong a painful correction with a retest of prior lows.
*Disclaimer: This article is for investment reference only, and no responsibility is assumed for any investment losses based on its content. The information should be interpreted solely for informational purposes.*
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