Dogecoin (Doge), the largest Memecoin by Market Cap, dropped below a short-term UPREND line on Monday, which signed the end to recovery from the lows of December and the potential end of a five-month rally .
Since then, the prices have dropped below the 38.2% level of FIBONACCI’s running retracement of running that began in August and held up about 48 cents in December before returning. A golden technical evaluation rule states that for a market to maintain its current trend, it should be touched at that upper level. If it fails to do so, the trend is said to end.
The moving average varying scene (MACD) histogram prints deeper bars under the zero line, another indication of strengthening the bearish momentum. Five and 10-day simple moving average trends in the south, indicating a bias.
The support can be seen around 26 cents, the low-printed December 20 followed by 23.4 cents, marked by the 61.8% retraction of the August-December rally. The Doge needs to recover in the Uptrend line from December lows to validate the bearish perspective.
