In recent days, the price of Dogecoin has faced pressure in the market. In this article, we analyze current trends on the charts to understand the position of DOGE.
Daily Chart Analysis of Dogecoin
The daily chart of Dogecoin shows a continuous series of lower highs and lower lows. At the time of writing, DOGE prices are trading below the 20-day ($0.185), 50-day ($0.201), and 100-day ($0.184) moving averages. These resistance levels increase downward pressure. The support zone is now between $0.160 and $0.155, and a clear breakdown could lead to declines towards $0.145 and even $0.125.
Signals from the Hourly Chart
On the hourly chart, DOGE remains stuck below all key moving averages. The price faced strong intraday resistance between $0.169 and $0.181, and attempts to reclaim $0.175 were unsuccessful. If the level at $0.162 breaks, it could lead to a swift drop towards $0.150.
Outlook for Price Recovery
There is a possibility of a bounce for DOGE's price, but only if it can hold above $0.175 with significant volume. Breaking this level would open up the path to $0.185. However, the current structure and moving averages suggest that any bounce could be short-lived unless broader market sentiment improves.
The current trend of Dogecoin indicates sellers are in control of the market. If the $0.162 level breaks, DOGE may see a decline of 10-20% in the coming weeks. Holding above $0.175-$0.185 is critical for any short-term recovery.
