Dogecoin (DOGE), the largest Memecoin at market capital, fell under a short-term Uptrend line on Monday, signaling a dollar recovery in December and potentially the conclusion of a five-month rally.

Since then, prices have fallen below 38.2% Fibonacci Retracement level of the race, which started in August and touched at heights around 48 cents in December before falling back. A golden rule of technical analysis says that for a market to maintain its current trend, it must keep above this level. If it does not, the tendency is said to be completed.

The moving average convergence of convergence (MACD) histogram prints deeper bars below the zero line, another indication of strengthening of Bearish Momentum. Five and 10-day simple moving average trend south, suggesting a bearish bias.

Support is seen at about 26 cents, the low printed on December 20, followed by 23.4 cents, marking 61.8% withdrawal of the rally in August-December. DOGE would have to recover from December lower to invalid the bearish views.