Dogecoin is experiencing a downside correction, trading below key support at $0.400. It currently rests near the $0.3750 support and is primed for a potential bounce.

After falling below $0.420, DOGE's price aligns under the $0.40 mark and the 100-hourly simple moving average. A bearish trend line with resistance at $0.4260 is forming in the hourly DOGE/USD chart.

Previously holding above $0.440, DOGE has seen a drop, testing new supports at $0.3880 and $0.3749. A recovery beyond $0.3850 was noted, brushing the 23.6% Fib retracement level from $0.4777 to $0.3749.

For a rally, DOGE must surpass resistances at $0.4080, $0.4250, and possibly $0.4550, potentially reaching $0.5000 or $0.5200.

If DOGE cannot breach $0.4250, a descent could ensue with pivotal support zones at $0.3880 and $0.3750, extending to $0.3650.

Technical indicators like the hourly MACD remain bearish, and the hourly RSI dips below 50.