Dogecoin Faces Bearish Pressure as $0.20 Rejection Sparks Decline Toward $0.10

Dogecoin (DOGE) is trading around $0.1802, down over 5% in the past 24 hours, facing renewed bearish momentum. The popular meme coin has failed to maintain key resistance and support levels, increasing fears of a significant breakdown. Market analysts warn DOGE could "add a zero"—a term in crypto that refers to losing a key decimal point due to steep devaluation—potentially pushing it below the psychological $0.10 mark.

The recent rejection at the $0.20 level, which aligned with Dogecoin’s 50-day EMA, marks a critical turning point. This failed breakout reinforces the broader downtrend that began in early February. Technical indicators suggest worsening sentiment, with red candles stacking up on rising trading volume—typically a sign that sellers are regaining control.

DOGE now teeters above two major support zones: $0.17, which previously served as a bounce point during February consolidation, and $0.14, a foundational level from the Q4 2024 rally. A clean break below $0.17 could accelerate the decline toward $0.10 or lower, especially with little buying pressure to counteract the current sell-off.

The Relative Strength Index (RSI) sits at 45, indicating weak momentum and no signs of an imminent bullish reversal. Unless buyers step in soon, Dogecoin's price may continue its descent, disappointing investors who hoped for a recovery.

As meme coin hype fades and technical weakness sets in, DOGE's near-term outlook remains grim. Traders are closely watching the $0.17 support zone, which could determine whether Dogecoin stabilizes or sinks to new lows in the coming days.