The aggressive bearish trend of Dogecoin continues as the price aims for an annual low of 0.08
The price of Dogecoin continues to weaken as its aggressive bearish trend persists, putting pressure on the market and increasing the likelihood of a new test of the untested annual low of $0.08.
The market structure has significantly deteriorated in recent weeks, with the asset firmly anchored in an aggressive bearish trend.
A series of lower highs and lower lows has defined the current trajectory, showing few signs of recovery as the price continues to operate within a well-established bearish channel.
With support levels weakening and a strongly bearish momentum, Dogecoin appears increasingly vulnerable to retesting its annual low of around $0.08. Market participants are closely watching the growing bearish pressure faced by the meme cryptocurrency.
The price of Dogecoin has clearly been bearish since it rejected high-range resistance around $0.21. The backtest of this level, followed by the loss of the point of control, triggered a significant change in momentum.
Every attempt at a bullish breakout has met with a swift rejection, while every bearish movement has encountered minimal resistance. The structure presents a clear picture of a market that continues to decline in a controlled and steady manner.
If Dogecoin remains within its bearish channel, the probability of a new test of the annual low of $0.08 continues to increase. A strong bullish reversal would require reclaiming the low of the value area and breaking the upper boundary of the channel, but until that happens, the path of least resistance points downward. $DOGE
