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▲ Dogecoin(DOGE) ©Coin Leaders

The meme coin leader Dogecoin (DOGE) has been suggested to enter a correction phase after recording a 160% rise in November.

According to cryptocurrency media outlet CCN on the 10th (local time), Dogecoin broke through the long-term resistance line of $0.210 in November and rose to $0.484 by early December. This is about 40% lower than the all-time high of $0.738 recorded in May 2021. However, Dogecoin was rejected at the Fibonacci resistance line of $0.475 and is currently staying at the support line of the rising channel around $0.410.

On the weekly chart, Dogecoin's RSI (Relative Strength Index) has entered the overbought zone above 70, showing signals similar to past rising phases. However, bearish signals are appearing on the daily chart. Both RSI and MACD show bearish divergence, indicating the possibility of further decline.

Dogecoin has continued to move within the rising channel since November 12, but every attempt to break through the channel's resistance line has failed, forming a long upper shadow. This pattern indicates strong selling pressure.

Analysts believe that if Dogecoin exits the current rising channel, it could fall to the Fibonacci support zone between $0.234 and $0.338. This implies a decline of up to 20%, after which a long-term upward trend is expected to resume.

Dogecoin's short-term correction requires caution from investors, but the long-term upward potential is still considered valid. Experts advised investors to watch whether it closes below the $0.410 support line and observe future movements.