The price of DOGE has fallen more than 30% from its annual high of $0.48 earlier this month. The decline was associated with several bearish signals, increasing the likelihood of further price declines.

As the year draws to a close, bearish pressure is building, and technical indicators point to further declines in the price of DOGE, possibly below $0.20. Here's why.

A "death cross" pattern was formed on the DOGE/USD one-day chart. This is a bearish pattern that forms when an asset's short-term moving average (usually its 50-day moving average) falls below its long-term moving average (usually its 200-day moving average), indicating a shift in sentiment from positive to negative.

The price of Dogecoin has fallen 30% from its high and is at risk of falling below $0.20 Looking at the DOGE/USD chart, DOGE's 50-day moving average fell below its 200-day moving average on December 18, and since then the price of the meme coin has plummeted by 20%. This cross is a bearish signal that the trend is weakening, with recent price declines outpacing long-term price gains.

In addition, the bearish reading of the DOGE Super Trend indicator confirms the possibility of further declines. As of this writing, the price of DOGE is still below the red line of this indicator.

Dogecoin price down 30% from high, at risk of falling below $0.20 1 Supertrend indicators track the overall direction and strength of asset price trends. It appears as a line on the price chart and the color changes to reflect the trend direction: red indicates a downward trend and green indicates an upward trend. When an asset price falls below a supertrend line, it indicates a downtrend, indicating that bearish momentum may continue.

On the daily chart, DOGE is trading below resistance at $0.33. If selling pressure at this level continues to spike, it could push its price down to support at $0.28.

Dogecoin is down 30% from its high and at risk of falling below $0.20 2 If this support breaks down, the next key level for DOGE will be at $0.23. If the bulls are unable to hold this level, the meme could break below the $0.20 area, possibly falling to $0.17. On the other hand, a successful break above the $0.33 resistance could push DOGE to its annual peak of $0.48.