Market confidence in Dogecoin reaching a new record high has collapsed. Prediction markets now assign less than 1% probability to the meme cryptocurrency hitting fresh peaks before year-end. The sharp decline marks one of the steepest sentiment shifts recorded for the token in 2025.Trading data from Polymarket shows that the contract tracking whether Dogecoin will exceed its all-time high before December 31, 2025, has generated over $1.12 million in volume. Market participants have dramatically reduced their expectations after months of bearish price action.Earlier in 2025, traders maintained considerably higher optimism. Probabilities fluctuated between 5% and 20% during the first half of the year. The downturn accelerated in late October and continued through November into early December. Market sentiment now reflects near-zero confidence in a rally toward the 2021 peak of approximately $0.73.Source: PolymarketTechnical Indicators Point to Continued WeaknessDogecoin traded at $0.1460 as of press time, posting a 3.28% decline over 24 hours. The token remains down 3.62% on the weekly timeframe. Technical analysis reveals concerning signals for potential recovery.DOGE price chart, Source: CoinMarketCapThe current price sits well below the 50-day simple moving average of $0.1655. The distance from the 200-day SMA at $0.2051 appears even more pronounced. Both indicators suggest sustained downward pressure and potential resistance ahead without significant momentum shifts.The 14-day Relative Strength Index stands at 47.50, indicating neutral territory. This positioning shows neither oversold conditions that might trigger a rebound nor overbought pressure suggesting further decline. Market technicians interpret this as potential sideways consolidation in the coming sessions.Market confidence in Dogecoin reaching a new record high has collapsed. Prediction markets now assign less than 1% probability to the meme cryptocurrency hitting fresh peaks before year-end. The sharp decline marks one of the steepest sentiment shifts recorded for the token in 2025.Trading data from Polymarket shows that the contract tracking whether Dogecoin will exceed its all-time high before December 31, 2025, has generated over $1.12 million in volume. Market participants have dramatically reduced their expectations after months of bearish price action.Earlier in 2025, traders maintained considerably higher optimism. Probabilities fluctuated between 5% and 20% during the first half of the year. The downturn accelerated in late October and continued through November into early December. Market sentiment now reflects near-zero confidence in a rally toward the 2021 peak of approximately $0.73.Source: PolymarketTechnical Indicators Point to Continued WeaknessDogecoin traded at $0.1460 as of press time, posting a 3.28% decline over 24 hours. The token remains down 3.62% on the weekly timeframe. Technical analysis reveals concerning signals for potential recovery.DOGE price chart, Source: CoinMarketCapThe current price sits well below the 50-day simple moving average of $0.1655. The distance from the 200-day SMA at $0.2051 appears even more pronounced. Both indicators suggest sustained downward pressure and potential resistance ahead without significant momentum shifts.The 14-day Relative Strength Index stands at 47.50, indicating neutral territory. This positioning shows neither oversold conditions that might trigger a rebound nor overbought pressure suggesting further decline. Market technicians interpret this as potential sideways consolidation in the coming sessions.