Dogecoin (DOGE) is showing significant bearish momentum as the popular meme coin faces mounting selling pressure. Technical analysis reveals DOGE could be on the verge of another major decline, potentially dropping as much as 15% from current levels.
The latest price action shows DOGE/USD failing to maintain support above $0.1650, with bears pushing the price below several critical support levels. This decline aligns with earlier predictions of DOGE testing the critical $0.13 support level, suggesting a broader market weakness for meme coins.
Key Technical Levels for DOGE
- Current Price: Trading below $0.1600 and the 100-hourly SMA
- Critical Support: $0.1380 and $0.1320
- Major Resistance: $0.1500 and $0.1550
- Bearish Pattern: Trend line resistance at $0.160
Market Analysis and Price Outlook
The technical indicators paint a concerning picture for DOGE holders:
- MACD showing increasing bearish momentum
- RSI below 50, indicating sustained selling pressure
- Price action forming lower highs and lower lows
Potential Scenarios and Price Targets
If DOGE fails to reclaim the $0.150 level, we could see:
- Initial drop to $0.1380
- Further decline to $0.1320
- Worst case scenario: $0.1200 or even $0.1120
Recovery Scenarios
For bulls to regain control, DOGE needs to:
- Break above $0.160 resistance
- Confirm close above the 100-hourly SMA
- Target $0.1720 as first major resistance
FAQ
Q: What’s causing the current DOGE price decline?
A: Technical factors including bearish trend line resistance and failure to hold key support levels are driving the current downward pressure.
Q: Where is the next major support level?
A: The next significant support lies at $0.1320, with $0.1280 serving as the main support level.
Q: What would signal a potential recovery?
A: A decisive break above $0.160 with strong volume would indicate potential trend reversal.