$DOGE at Risk: Bearish Pattern Signals Possible Sell-Off
Dogecoin is showing weakness after failing to break above $0.1680. Currently trading below $0.1600 and the 100-hour SMA, DOGE appears to be forming a bearish flag, hinting at potential further downside.
Price Action Recap:
– DOGE dropped after rejection near $0.1680, unlike Bitcoin and Ethereum.
– Fell below key supports at $0.1620 and $0.1580.
– Reached a low of $0.1504 before a minor bounce.
– Struggling to hold above $0.1540 with bearish pressure mounting.
Chart Outlook:
– Hourly chart shows a short-term rising channel (bearish flag) with key support at $0.1540.
– Breaking below $0.1520 could trigger a deeper drop.
– $0.1500 remains a major support level — a break below it may lead to $0.1420 or even $0.1350.
Upside Scenarios (If Bulls Step In):
– Immediate resistance at $0.1580.
– Key hurdle at $0.1600 (50% Fib of $0.1694 → $0.1504).
– A close above $0.1620 may fuel a rally toward $0.1700–$0.1720.
– Next strong resistance zone: $0.1800.
Technical Indicators:
– MACD: Turning bearish on the hourly chart.
– RSI: Below 50, suggesting fading momentum.
Support Levels: $0.1540, $0.1520, $0.1500
Resistance Levels: $0.1580, $0.1600, $0.1620
Conclusion:
DOGE is under pressure and flirting with key support zones. If buyers don’t reclaim $0.1600 soon, another leg down could be on the horizon.
#DOGE #CryptoAnalysis #PriceAlert $DOGE