Dogecoin (DOGE) continues its bearish trend as the popular meme cryptocurrency faces increased selling pressure, dropping below multiple support levels. The latest price action shows DOGE struggling to maintain stability above $0.155, raising concerns among investors about potential further downside.
As recent market analysis indicated, Dogecoin’s price trajectory has been notably bearish, with the latest decline marking a significant technical breakdown.
Key Technical Breakdown Points
- Price failed to hold above $0.180 resistance level
- Critical bullish trend line broken at $0.170
- Trading below 100-hourly simple moving average
- Current consolidation between $0.155 and $0.165
Technical Analysis Deep Dive
The current technical setup shows multiple bearish indicators:
- MACD indicator losing momentum in bearish territory
- RSI hovering above 50, showing potential for recovery
- Key support levels established at $0.1600 and $0.1550
- Major resistance zones at $0.1680 and $0.1740
Price Targets and Support Levels
Traders should watch these critical price levels:
| Support Levels | Resistance Levels |
|---|---|
| $0.1550 | $0.1680 |
| $0.1500 | $0.1740 |
| $0.1320 | $0.1800 |
Expert Analysis and Future Outlook
Market analysts suggest that DOGE’s immediate future depends on its ability to defend the $0.155 support level. A breakdown below this level could trigger a cascade of selling, potentially pushing prices toward $0.132 or even $0.120.
FAQ
What’s causing Dogecoin’s current price decline?
The decline is attributed to broader market weakness and technical breakdown below key support levels.
Can Dogecoin recover from current levels?
Recovery is possible if bulls can defend the $0.155 support and push prices above $0.170.
What are the key levels to watch?
Critical support at $0.155 and resistance at $0.168 are the most important levels for short-term price action.
Time to read: 4 minutes