Dogecoin (DOGE) is undergoing a strong downward adjustment as the price falls below the important support level of $0.220 and is currently in an accumulation phase, posing a risk of further decline if it does not hold the level of $0.20.

DOGE Continues to Decline Below $0.220 – Short-Term Trend Leans Towards Decrease

In the past hours, DOGE has broken the support level of $0.2320 and slipped below the levels of $0.220 and $0.2150, similar to the downward movements of Bitcoin and Ethereum. This meme coin has even recorded a new low at $0.2059 before entering a sideways phase.

Currently, DOGE is trading below the level of $0.2150 and below the 100-hour simple moving average (100-hourly SMA), indicating that the downward trend is prevailing.

Important Resistance Levels on the Recovery

If buying pressure returns, DOGE will face the following resistance levels:

  • $0.2160: The nearest resistance level, coinciding with the short-term downward trend line.

  • $0.2280: The first important resistance that needs to be overcome to reverse the trend upwards.

  • $0.2365: The 50% Fib level of the decline from $0.2672 to $0.2059, is a key barrier.

Closing a solid candle above $0.2365 could pave the way for DOGE to reach $0.2450 – $0.250, even $0.2550 if the upward momentum continues.

Risk of Significant Decline If It Breaks $0.20

On the contrary, if DOGE cannot break through $0.2160, selling pressure may increase. The support levels to pay attention to are:

  • $0.2060: The nearest support.

  • $0.2020: The buffer zone before the psychological support of $0.20.

  • $0.20 (main support): If this level breaks, DOGE could slide down to $0.1880, even $0.1820 in the short term.

Technical Indicators Support the Selling Side

  • MACD (1-hour chart): Signals are increasing in the negative zone, indicating a stronger downward trend.

  • RSI (Relative Strength Index): Currently below 50, reflecting that selling pressure still predominates.

Conclusion

Dogecoin is in a danger zone as selling pressure dominates below $0.2150. Without a sudden buying force pushing the price above $0.2160 and especially $0.2365, it is highly likely that DOGE will continue to adjust deeply with the nearest target at $0.20, further down to $0.1880 – $0.1820.