Dogecoin (DOGE), the most important memecoin by market cap, dropped under a short-term uptrend line on Monday, signaling an finish to the restoration from December lows and probably the conclusion of a five-month rally.

Since then, costs have dropped under the 38.2% Fibonacci retracement stage of the run that began in August and touching highs about 48 cents in December earlier than dropping again. A golden rule of technical evaluation says that for a market to keep up its present pattern, it should maintain above that stage. If it fails to take action, the pattern is claimed to have ended.

The transferring common convergence divergence (MACD) histogram is printing deeper bars under the zero line, one other indication of strengthening bearish momentum. 5- and 10-day easy transferring averages pattern south, hinting at a bearish bias.

Help is seen at round 26 cents, the low printed on Dec. 20 adopted by 23.4 cents, which marks the 61.8% retracement of the August-December rally. DOGE would want to get well to the uptrend line from December lows to invalidate the bearish outlook.