Dogecoin is sliding: How low can the Dogecoin price go?

Dogecoin (DOGE) price is under pressure again, hovering around $0.167 at the time of writing. Both the daily and hourly charts clearly depict this scenario: buyers are retreating, and the upward momentum is weakening. After testing the $0.20 resistance level and failing to break through, the Dogecoin price is currently losing support at key moving averages. The question now is: will the price drop further, or can the bulls hold this critical area?

The daily chart shows that the Dogecoin price has consistently made lower lows and lower highs, currently trading below the 20-day moving average ($0.185), 50-day moving average ($0.201), and even the 100-day moving average ($0.184). These three dynamic resistance zones are currently above the current price, increasing the downward pressure. Notably, the 200-day moving average is still well above $0.250, indicating a weak long-term trend.

Zooming into the hourly chart, the Dogecoin price has broken below all key moving averages: 20, 50, 100, and 200 moving averages. These moving averages are tightly intertwined between $0.169 and $0.181, and the price has repeatedly fallen below this area. This choppy price action reflects strong resistance during the day. Furthermore, the repeatedly declining highs indicate that even the demand from day traders is weakening. The short-term bottom is around $0.162. If this level is breached, Dogecoin could quickly retest $0.150. Dogecoin price prediction: Is there hope for a reversal?

A bounce is possible, but only if the Dogecoin price can rise and hold above $0.175 with substantial volume. This would break above the 20-day and 50-day moving averages and open the way to $0.185, which is the next Fibonacci resistance level and aligns with the 100-day moving average.

But as it stands, both the structure and moving averages suggest that unless overall market sentiment improves, any bounce will be short-lived. Bitcoin's dominance is rising, and altcoins like Dogecoin often lag during this period.

If you hold, this might be a waiting game. If you want to buy, being patient may yield better prices.