Dogecoin (DOGE) Has Tanked to $0.21

Dogecoin token, which surged from $0.10 in October to $0.484 in December, has now retraced sharply, losing over 70% of its gains.

Dogecoin (DOGE) has slumped to $0.21 as of February 27, 2025, marking a 70% decline from its December peak of $0.484.

After skyrocketing from $0.10 in October, the meme coin’s rally has fizzled, largely due to macroeconomic headwinds that began in late 2024.

As the crypto market continues to struggle, can DOGE bounce back to $0.43?

Dogecoin Slips Below Key Levels – What’s Next?

Dogecoin token, which surged from $0.10 in October to $0.484 in December, has now retraced sharply, losing over 70% of its gains.

The token slipped below the 61.8% Fibonacci retracement level, a move that is historically bearish and could foreshadow further downward pressure on the token.

On-chain, Ali Martinez reports a 67% drop in open interest—$4.07 billion to $1.33 billion in three months—and new addresses crashing from 1.29 million in November to 30,815 now. Trading volumes hold above $2 billion, but interest is waning fast.

Meanwhile the number of new Dogecoin addresses has plummeted from 1.29 million in November to just 30,815, indicating a slowdown in user adoption and engagement.

Is This the Bottom? Analysts Weigh In

Trader Tardigrade notes DOGE has hit an “order block zone,” a support area packed with limit orders. If filled, it could spark an uptrend toward $0.31, $0.37, or even $0.46, close to Carl Moon’s $0.434 target from a falling wedge breakout.

But DOGE sits below the 61.8% Fibonacci retracement—a bearish signal—unlike XRP, which holds above 38.2% at $2.28. If $0.20 fails, Martinez warns of a drop to $0.19 or $0.06.

Carl Moon, another well-known trader, suggested that DOGE is on the verge of breaking out of a falling wedge pattern, with a target price of $0.434. Falling wedges are generally seen as bullish reversal patterns. This would mean that a breakout could lead to strong upward movement in the near future.

If $0.20 holds firm and those order blocks kick in, we could see a firefight back to $0.31 or higher. A breakout above $0.29, as Rose Premium Signals predicts, might just light the fuse for a run to $0.43 or beyond.

But if the bears win and $0.20 collapses, brace yourself—$0.19 or lower could be next, and that’d be a tough pill to swallow for the DOGE army.