Dogecoin Price Dips Below Critical Support: Is DOGE Set for a Major Correction or a Rebound?

The Dogecoin (DOGE) price action has triggered market concern after a sharp wick extended below a crucial support level. This technical breakdown raises a pivotal question for traders: is this a bear trap fakeout signaling an imminent recovery, or the beginning of a more substantial downward correction for the meme cryptocurrency? Analysts are closely monitoring DOGE's ability to reclaim the lost support zone. A failure to do so could open the door for deeper losses, potentially testing lower price thresholds. The market sentiment around Dogecoin remains cautious as this key technical event unfolds, with volume and broader crypto market trends playing a decisive role in its next directional move.