$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