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Dogecoin (DOGE) is showing signs of weakness as it flirts with a critical support level, trading at approximately $0.222 as of May 28. The top meme coin has slipped nearly 12% from its May 11 peak, raising concerns of a deeper correction.

Analysts now warn that a break below current levels could trigger a sharp 20% decline, especially as technical indicators begin flashing red.

One expert, Quantum Ascent, believes DOGE may be midway through an Elliott Wave corrective pattern – hinting at further downside before a potential recovery.

$DOGE | @dogecoin

Macro Wave 2 Underway 🌊

Targeting $0.195-$0.169 🚩

Let’s Dive into the Count 👇 pic.twitter.com/cMlf2j0qZf

— Quantum Ascend (@quantum_ascend) May 27, 2025

He identified the recent May surge – a 50% rally over three sessions beginning May 8 – as the final thrust of a five-wave sequence. That move, he warned, now appears fully “mature”, setting the stage for a multi-leg pullback.

The analyst sees a near-term downside target of $0.205, with deeper supports lurking between $0.195 and $0.17 based on Fibonacci retracement levels from the early-May rally.

DOGE Price Analysis: Waning Bullish Momentum

A closer look at Dogecoin’s daily RSI and MACD indicators shows that the RSI currently sits at 53.99, just below the neutral 60-level that typically defines bullish strength.

However, the gradient of the line suggests that sellers are taking over.

The MACD indicator also shows a bearish crossover brewing. The MACD line (0.00905) is dipping below the signal line (0.01156), with the histogram starting to print negative bars.

Additionally, Dogecoin has formed a months-long descending channel stretching from its March highs, but the follow-through has been weak.

The price is now consolidating beneath a diagonal resistance line after failing to close decisively above it.

This rejection from the upper trendline of the channel – coupled with a declining RSI and an impending MACD cross – paints a technically fragile picture.

Should DOGE break below the $0.21 support level, the next major areas of interest lie at:

• $0.205 – the projected end of the C-leg of the current ABC correction (see tweet above).
• $0.195-$0.17 – Fibonacci support cluster, historically relevant for trend reversals.

DOGE’s Potential Pullback Could Fuel $BTCBULL

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