Dogecoin has had many upside opportunities over the past two months. However, DOGE seems to waste them. Recent bullish buying pressure appears to be fading and market participants should brace for further decline in DOGE.

DOGE threatens to slide to $0.15

DOGE price surged about 61% between January 10th and 14th to hit a swing high at $0.216. Since November 30, 2021, the memecoin has retested this barrier three times, resulting in a triple top setup.

This is a top reversal pattern and predicts the end of an uptrend and the start of a downtrend. The last two times, DOGE’s failure to move higher led to multiple corrections above 25%.

So far, DOGE is down 17% and it is currently trading below the weekly resistance at $0.194. Increased selling pressure is likely to push the altcoin price down to the weekly support at $0.163. Here the coin meme could try to establish a base and create an uptrend, but that is unlikely.

Therefore, investors should expect a situation where Dogecoin price returns to $0.15 where the price has been floating for most of 2022 so far. In some cases, the $0.128 support floor could be retested before any meaningful uptrend begins.

DOGE/USDT 4 hour chart. Source: TradingView

On the other hand, if the price breaks the immediate barrier at $0.194 and produces a four-hour candle close above $0.215, it will make a higher high. This development will skew the odds in favor of the bulls and invalidate the bullish thesis.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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