Dogecoin's recent technical performance has been weak, with the price effectively breaking below the key psychological support level of 0.125 that the market has been focused on. This has further established a bearish pattern and triggered a new round of downward trend. The current coin price has dipped below 0.122 and continues to operate below the short-term moving average system, reflecting that the short-term selling pressure has not been effectively released, and the market volume still shows a bearish dominance.

From a technical pattern analysis, the current trend leans more towards a phase of weak consolidation rather than a direct reversal or rebound. On the upside, the 0.1235 level has formed an initial pullback resistance level, while the 0.128-0.130 range has created a stronger technical resistance area. If the price cannot form an effective breakthrough and stabilize above the aforementioned resistance area, the downward trend will still be maintained, and the rebound momentum lacks sustained verification. $DOGE