Dogecoin (DOGE) has emerged as the worst-performing major cryptocurrency during the recent market downturn, plummeting 4.13% as broader market conditions weakened.
On April 26, all top cryptocurrencies by market cap recorded losses after Bitcoin failed to sustain the $95,000 support level.
DOGE’s market cap currently sits at $26.79 billion, representing a 3.93% decline, with 24-hour trading volume dropping 36.86% to $1.24 billion, according to CoinMarketCap.
This decline comes despite prior optimism, as some analysts had predicted a major uptrend for Dogecoin.
In March, analyst Ali Martinez highlighted Dogecoin's long-term ascending price range originating back in 2015, noting that the memecoin historically formed higher lows that led to massive rallies — sometimes exceeding 500% increases.
However, the worst-case short-term scenario has played out as DOGE failed to maintain its next major support level. At press time, DOGE trades at $0.1795, erasing gains from a recent 2.46% weekly lift.
The midterm technical outlook shows bulls failed to sustain momentum after last week's candle closure. If the daily candle continues to fall below $0.1577, correction pressure could deepen, pushing DOGE towards the $0.15 support zone.
Possible DOGE price scenarios
Despite the current bearish momentum, the Dogecoin community remains optimistic about potential future catalyst. For instance, several DOGE-related ETF applications are currently awaiting SEC review.
If approved, these ETFs could significantly improve liquidity and investor confidence, possibly sparking a long-term bullish reversal.
At a higher time frame, Dogecoin still respects a long-term ascending channel — but without reclaiming $0.17 strongly, any positive moves are seen as temporary relief rallies rather than full breakouts.
A 34% drop in trading volume further supports the bearish outlook as the base case scenario for now.
Vladislav Sopov
U.Today Editorial Team