Dogecoin Slides 5.5% as Bears Push Toward Key Support
Dogecoin (DOGE) fell 5.5% on Tuesday, dropping from $0.1831 to $0.1730 amid strong bearish pressure during European trading hours. Price action formed a classic lower-high, lower-low pattern within a $0.0121 range, signaling short-term weakness.
The decline intensified at 14:00 GMT, when trading volume spiked to 500.6 million tokens, 77% above the 24-hour average. Sellers overwhelmed the $0.1789 resistance zone, driving DOGE through successive support levels before stabilizing near $0.1719. Attempts to rebound toward $0.1732 were met with immediate selling, with hourly volumes of 12.5 million tokens suggesting distribution rather than accumulation.
Technical Outlook
DOGE’s chart structure indicates weakening momentum. Failure to reclaim $0.1789 reinforces the short-term bearish trend, while the $0.1719 support zone acts as a fragile base. Volume tapering hints at temporary seller exhaustion, but without renewed buying, the market remains vulnerable to further downside.
Analyst Kevin (@Kev_Capital_TA) highlights the weekly 200-EMA near $0.16 as a critical long-term support level. A decisive break below $0.17 could shift sentiment decisively bearish, while holding above $0.1720 may allow for short-term consolidation or a relief bounce toward $0.1760.
Trader Takeaways
The key focus is whether DOGE can defend the $0.17 level. Institutional order flow points to systematic de-risking rather than panic selling, leaving potential for a technical rebound if volume subsides. Breach of the $0.1720–$0.1719 support cluster could open the path to $0.1650–$0.1600, where the weekly moving average serves as structural support.
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