DOGE risks further falls as bears initiate takeover

• Dogecoin price is at the edge of a 34% fall as selling pressure continues to increase.
• The bearish target at $0.091 could be in the offing if DOGE slices below $0.138.
• Bulls will face multiple resistances ahead if the buyers decide to reverse the period of underperformance.

Dogecoin price could be at risk of further decline as the sellers initiate a takeover. DOGE has presented a consolidation pattern and projected a 34% fall toward $0.091 if the canine-themed token slices below a critical level of support. 

Dogecoin bears ready to take DOGE to $0.091

Dogecoin price has formed a symmetrical triangle pattern on the 12-hour chart as the token continues to confuse forecasts. DOGE is now nearing the lower boundary of the governing technical pattern as selling pressure continues to increase.

The Arms Index (TRIN), which gauges overall market sentiment suggests that there are now more sellers than buyers in the market.

If Dogecoin price slices below the lower boundary of the prevailing chart pattern at $0.138, the bearish target toward $0.091 would be put on the radar.

The first area of support may emerge at the 78.6% Fibonacci retracement level at $0.133. An additional line of defense will appear at the January 21 low at $0.119.

If bearish sentiment continues to increase, Dogecoin price may drop toward the April 13 high around $0.096 before DOGE falls toward the pessimistic target at $0.091.

If the bulls decide to step in, Dogecoin price will face immediate resistance at the 61.8% Fibonacci retracement level at $0.141, coinciding with the 21 twelve-hour SMA. 

Additional headwinds may emerge at the 100 twelve-hour SMA at $0.151, intersecting with the 50% retracement level.

DOGE/USDT 12-hour chart

Dogecoin price may also be confronted with an obstacle at the 38.2% Fibonacci retracement level at $0.159, where the upper boundary of the prevailing chart pattern is also located.

Slicing above the topside trend line of the governing technical pattern may release bigger upside potential for Dogecoin price, targeting the 200 twelve-hour SMA at $0.173 next.