Dogecoin (DOGE) is showing signs of bearish momentum after failing to breach a critical supply zone, continuing its volatile price action around the $0.22 level. The popular meme coin has retreated 15% from its local high of $0.2581, suggesting bears may be regaining control of the market.
Key Technical Levels Show Increasing Bearish Pressure
The rejection at the $0.24-$0.25 supply zone has triggered several bearish technical signals:
- Formation of a bearish engulfing pattern on the daily timeframe
- Increased trading volume during the rejection
- Double rejection from the same resistance level since March
- LuxAlgo’s Supply and Demand indicator showing significant selling pressure
Critical Support Levels to Monitor
As bearish pressure mounts, two key support levels emerge as potential targets:
| Support Level | Significance |
|---|---|
| $0.19361 | Former resistance turned support, critical for maintaining bullish structure |
| $0.14915 | High-confluence demand zone with historical bounces |
Short-term Price Outlook
The immediate price action suggests increased downside risk:
- Current price: $0.2171 (-3.7% in 24 hours)
- Next support: $0.19361 (Previous resistance flip)
- Major support: $0.14915 (High-confluence demand zone)
- Volume profile: Increasing on downside moves
FAQ
Why is Dogecoin falling from $0.25?
The rejection at the $0.24-$0.25 supply zone, combined with increased selling volume and bearish technical patterns, suggests profit-taking and lack of buyer conviction at higher levels.
What are the key support levels for Dogecoin?
The two critical support levels are $0.19361 and $0.14915, with the latter showing strong historical buying interest.
Could Dogecoin bounce from current levels?
While short-term momentum appears bearish, the $0.19361 support level could attract institutional buyers and trigger a technical bounce.
Time to read: 4 minutes
