Dogecoin Price Slips Below Key Support, Risking Bear Market Return

The Dogecoin multi-year recovery trend is facing challenges as its price falls below a key ascending support level and rests on an important horizontal level, according to Rekt Capital's analysis.

Key Points

A 1-month DOGE/USDT chart indicates Dogecoin needs to maintain its technical uptrend into December for potential macro gains.
The rising trendline, established from bear-market lows, currently sits just below $0.18, defining DOGE's multi-year uptrend.
The recent monthly candle shows DOGE trading at $0.16355, below the trendline, and near a horizontal support level around $0.159.
This horizontal area has historically alternated between resistance and support over the past two years.
Previously, breaking above the $0.159–0.16 range led to significant price increases, with DOGE's price tripling in late 2024.
The current retest of this zone is crucial; maintaining it could prevent further decline.
If DOGE closes the month back above the trendline, the uptrend pattern remains intact. A close below the horizontal level would weaken the bullish structure.

Currently, DOGE is trading at $0.1626 and is at a critical juncture to preserve its multi-year uptrend as December approaches.