Dogecoin is flashing renewed signs of weakness as its $BTC pair breaks down sharply, dragging the price structure into bearish territory. With momentum fading and key support levels giving way, attention now shifts to confirmation on the $USDT pair. Umair Crypto’s latest analysis highlights a significant breakdown as the $DOGE/BTC pair hit a 68-day low, breaching critical support.
The $BTC pair continues to show weakness; a slip below 1.57% would mark a fresh 180-day low. Market participants are waiting for a confirmed break of the current range to initiate short positions, with primary targets set in the $0.07 region. On-chain data recently showed a whale moving 327 million Dogecoin off Robinhood, sparking a brief 1% relief bounce to $0.092.
Despite this localized strength, momentum indicators are faltering across the board. Without a significant catalyst, such as a renewed Elon Musk or government-related initiative, the technical breakdown of the $BTC pair is expected to lead the way. The cooling of previous hype cycles suggests that the path of least resistance is down.
Once the $USDT support officially breaks, the path will likely clear for a move toward the 7-cent range. Examining the broader picture through Elliott Wave Theory, the structure suggests a long-term cycle is unfolding. Wave 1 is seen completing around the January 2018 altcoin peak, followed by Wave 2 in March 2020 after a retest of the long-term trendline.
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