Dogecoin Falls Below ₱6.25 ($0.1080) as Rally Fizzles Out

Dogecoin gave back its recent gains and fell below ₱6.25 ($0.1080) after starting a downside correction from ₱6.81 ($0.1175). The price declined through multiple support levels — first ₱6.49 ($0.1120), then ₱6.25 ($0.1080), before pushing below ₱6.02 ($0.1040). DOGE even dropped below the 50% Fibonacci retracement level from its ₱5.08 ($0.0878) swing low to the ₱6.81 ($0.1175) high, a sign that the brief rally lost steam fast. The hourly MACD is gaining momentum in the bearish zone, while the RSI dropped below 50.

Bulls need to reclaim ₱6.17 ($0.1065) as the first major hurdle, followed by ₱6.28 ($0.1085). A close above ₱6.28 ($0.1085) could send the price toward ₱6.49 ($0.1120), with further gains potentially reaching ₱6.66 ($0.1150). The next major stop sits at ₱6.81 ($0.1175), where the recent correction began. If bears maintain control, immediate support at ₱5.79 ($0.10) becomes critical.

A break below ₱5.79 ($0.10) opens the door to ₱5.50 ($0.0950) — the 76.4% Fib retracement level — followed by the main support at ₱5.37 ($0.0928). Lose that, and Dogecoin could slide toward ₱5.10 ($0.0880) or even ₱4.92 ($0.0850). That's a far cry from 2019, when Elon Musk's endorsement sent DOGE soaring 35% in 24 hours after he called it his favorite cryptocurrency.

Musk's influence over Dogecoin turned the meme coin into a case study of celebrity power in crypto markets. He updated his Twitter bio to CEO of Dogecoin, described its appeal as its meme value and fun community, and announced Tesla would accept DOGE for merchandise in 2021. His tweets sparked both massive volatility and regulatory concerns about market manipulation.

Dogecoin underperforms both Bitcoin and Ethereum during market downturns, thriving on social hype rather than enterprise utility. Main resistance sits at ₱6.14 ($0.1060) and ₱6.28 ($0.1085), with support levels at ₱5.79 ($0.1000) and ₱5.50 ($0.0950).