Dogecoin (DOGE), the popular meme coin, has resumed its downward trend, slipping below key support zones and struggling to regain momentum. After failing to break past the $0.1720 resistance, DOGE saw intensified bearish pressure that dragged its value beneath the $0.1650 and $0.1550 marks. The latest market movement suggests a challenging path ahead as the cryptocurrency consolidates under critical resistance levels.
DOGE Faces Continued Selling Pressure
In tandem with broader crypto market movements, including those of Bitcoin and Ethereum, Dogecoin initiated a fresh decline after being rejected from the $0.1720 level. The selling pressure was strong enough to push DOGE under multiple support zones, ultimately bottoming near $0.1296 before attempting a mild recovery.
Despite this slight rebound, Dogecoin struggled to build upside momentum. The price rose above the 50% Fibonacci retracement level of the recent drop from the $0.1727 swing high to the $0.1296 low, only to face resistance near $0.1560 — close to the 61.8% Fib retracement zone.
Adding to the bearish sentiment is a downward-sloping trend line forming resistance near $0.1600 on the hourly chart of the DOGE/USD pair, based on data from Kraken. DOGE is currently trading below the 100-hourly simple moving average and remains vulnerable beneath the $0.1600 level.
Key Resistance and Support Levels to Watch
Immediate upside resistance lies at $0.1500, a level that DOGE must reclaim to spark any short-term recovery. The next key barrier is positioned at $0.1550, followed by the crucial $0.1600 level. A decisive close above $0.1600 could open the gates for a bullish move toward $0.1720, and further gains might lead DOGE to test the $0.1800 and $0.1880 resistance levels.
However, the technical indicators lean toward the bearish side. If Dogecoin fails to break above $0.1500, it could trigger another leg lower. Initial support is now set at $0.1380, followed by $0.1320.
The most critical support zone lies at $0.1280. A decisive breakdown below this level could accelerate losses, potentially pulling DOGE down toward $0.1200 or even $0.1120 in the near future.
Market Sentiment Remains Fragile
As crypto traders monitor the broader market sentiment and macroeconomic cues, Dogecoin’s near-term outlook hinges heavily on its ability to reclaim key technical levels. Without a strong bullish catalyst, the meme coin could remain trapped in a downward trend, risking further declines below the psychological $0.1300 mark.
DOGE enthusiasts and investors should closely watch the $0.1500 and $0.1600 resistance levels for signs of strength, while keeping a close eye on the $0.1280 support zone, which could determine the next major directional move.
