Dogecoin (DOGE) Price Breaks Key Levels: Bears Take Control

Dogecoin has been trading with a distinctly bearish tone after bulls failed to sustain the push beyond $0.1680.

Dogecoin (DOGE) is back in the spotlight as bearish pressure mounts following a failed attempt to break above $0.1680 earlier this week. Currently trading at around $0.1550, DOGE price has slipped below crucial support zones, sparking renewed concern among traders.

While the meme coin displayed resilience earlier in the month, a developing bearish flag pattern and weak technical momentum suggest further losses may be on the horizon. If support near $0.1500 gives way, DOGE could tumble toward the $0.14 range or even lower, according to analysts.

Dogecoin Has Been Dumped Through Key Levels As Bears Take Control

Dogecoin is trading with a distinctly bearish tone after bulls failed to sustain the push beyond $0.1680. The meme coin slipped below multiple support levels – $0.1620, $0.16, and, more recently, $0.1550 – highlighting increased selling activity.

The current trading structure shows DOGE consolidating beneath the 100-hour simple moving average, a bearish signal that indicates downward momentum is building. This bearish note is further supported by technical indicators. The hourly MACD is gaining strength in the red zone, and the RSI has slipped below 50, suggesting bearish sentiment is dominant.

The meme coin price is forming a bearish flag or rising channel, usually a continuation pattern that could lead to another wave down if support is broken. Immediate resistance is at $0.1580, followed by stronger resistance at $0.16 – the 50% Fibonacci retracement of the $0.1694 to $0.1504 decline.

Bearish Flag Forms On Dogecoin Chart But Could It Break Down Or Bounce?

A short-term rising channel is formed on the chart as the meme coin price trades above $0.1540, a crucial short-term support. The next crucial line of defense, if this level fails, is $0.1520, followed by $0.15 for psychological support.

A clear break below this area might signal the start of more declines. According to analysts at AZEXO, if the overall market mood continues to be pessimistic and risky, a breakdown could push Dogecoin closer to $0.1420 or possibly $0.1350 in the near future.

“If the sellers can manage to push through the Fib level, then we might see a move to the 0.1420 area and potentially even 0.1350 in the extreme case if the broader market mood deteriorates further and pushes towards more pessimism and risk-off trades,” they said.

However, a surprise bounce isn’t off the table. DOGE may target the $0.1620 barrier level if it rises back above $0.16. Bullish momentum might be triggered by a break and closing above this level, with possible upside targets around $0.17 and $0.1720.

But this would require a shift in mood and volume, both of which are currently skewed negatively. The broader cryptocurrency market is also exhibiting increased volatility due to macroeconomic pressures and Bitcoin’s fall from recent highs.

This makes short-term projections more difficult than usual for meme coins like Dogecoin, which often surf the waves of sentiment.