Dogecoin (DOGE) dropped below the 50-day SMA ($0.35) on December 19, indicating that the bears are back in the driver's seat.

The long wick on the daily candle for December 20 shows that the bulls are trying to halt the downward momentum at the 61.8% Fibonacci retracement level at $0.27. However, the expected recovery will face selling pressure at the moving averages. If the price turns down from the overhead resistance, the DOGE/USDT pair could drop sharply to the breakdown level at $0.23.

The first sign of strength is when the price rises above and closes over the 20-day EMA ($0.38). This will indicate that strong buying pressure is appearing at lower price levels.