Dogecoin (DOGE) Appears Poised for a Fresh Drop After Trading Indecisively for Days

Losing over 7% in the past 24 hours, Doge appears poise for a fresh drop after trading indecisively for days. The current price weakness might

Dogecoin (CRYPTO: DOGE) is showing signs of weakness as it continues to trade in a limited range.

Here's a look at what happened and what could happen next with the meme coin.

What Happened: Losing over 7% in the past 24 hours, Doge appears poise for a fresh drop after trading indecisively for days. The current price weakness might send the asset to a new low if a breakdown occurs.

Doge's overall outlook remains bearish on the micro-scale due to several breakdowns since the start of the year. Its trading levels could change if the primary meme coin stays above $0.1 – this price is considered a key psychological level in the short term.

The past few days have been relatively calm for the coin since it rejected $0.142 last week, but things could get uglier in the next few days as it appears prime for another major drop on the daily chart.

The bears have stepped back and are not showing signs of giving up yet. Because of this, it has posted a minor loss today and is now looking weak on the day. We can anticipate a crackdown anytime soon.

Looking ahead, the recent weekly low may pose a threat to the bears. If they overcome it, we may see another expansion towards the above key psychological level for support. If the bulls show interest by intercepting the move, we may see a brief retracement before resuming bearish. From the look of things, the bears will likely have the upper hand.

DOGE's Key Level To Watch

Source: Tradingview

Losing the $0.1428 level could trigger a drop to $0.128, although the selling appears to be reaching an exhaustion point. Regardless of that, the lower level to watch for a test is $0.115 in case of more drops.

Recently, Doge marked resistance at $0.178. No signs of recovery at the moment. But if the price increases above this level, the next resistance to watch for a retracement is $0.2, followed by $0.24.

Key Resistance Levels: $0.178, $0.2, $0.24

Key Support Levels: $0.142, $0.128, $0.115

This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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