DOG (Bitcoin) Technical Analysis: Bearish Momentum ExpectedDOG, the decentralized meme coin built on Bitcoin’s Runes protocol, is displaying strong bearish signals as it repeats a previously observed downward trend. The price is currently at $0.001641, having recently broken down from the key support level of $0.002121. Given the repeated bearish pattern, DOG is likely to continue its decline, with the next potential support level at $0.0006.
Key Bearish Indicators
1. Price Breakdown Below Support
DOG has already fallen below $0.002121, a critical level that previously provided strong support.
This confirms a bearish trend, with sellers pushing the price lower.
2. Next Major Support at $0.0006
Based on historical price movements, the token could find support around $0.0006 if the bearish momentum continues.
Breaking this level could trigger further downside pressure.
Bearish Market Structure
DOG appears to be forming a descending triangle pattern, a strong bearish continuation signal.
The previous price drop aligns with this pattern, suggesting further declines ahead.
Decreasing Volume & Market Sentiment
DOG’s 24-hour trading volume is at $8.66 million, down 12.90%, showing weakening interest from buyers.
The market cap sits at $161.23 million, reflecting a 3.63% decline in the last 24 hours.
The Volume/Market Cap ratio of 5.25% suggests short-term speculative trading, rather than long-term accumulation.
Lower Highs and Lower Lows
DOG has been forming lower highs and lower lows, a textbook signal of a persistent downtrend.
Every rebound has been weaker than the last, indicating that buyers are losing strength.
Conclusion: Further Decline Likely
DOG’s bearish momentum suggests that the token could continue its downward trend, targeting $0.0006 in the near future. The break below $0.002121 solidifies the bearish outlook, and with a lack of strong buying support, further declines seem likely. Traders should watch for potential relief rallies, but the overall sentiment remains bearish unless the price reclaims higher support levels.
