- DOGE struggles to maintain key support, sliding lower amid growing selling pressure.
- Bollinger Bands suggest increased volatility, but no clear signs of a reversal yet.
- Fibonacci retracement levels indicate a possible bounce, but resistance looms overhead.
Dogecoin has been on a steady decline, with sellers firmly in control as the price drifts lower. The CoinGecko chart shows a consistent downtrend, with each attempt at a rebound failing to sustain momentum. This suggests that buying pressure isn’t strong enough to counteract the ongoing sell-off.
The price recently slipped below $0.17, an important psychological level that previously acted as support. If buyers don’t step in soon, the next significant support could be around the $0.16-$0.165 range. While a short-term bounce remains possible, the overall trend suggests that DOGE might not be out of the woods yet.
Dogecoin Faces Continued Selling Pressure
A closer look at the Bollinger Bands reveals that Dogecoin is in an increasingly volatile phase. The bands are widening, which typically signals a strong move in either direction. Right now, the price is leaning toward the lower band, indicating that sellers still have control.
If DOGE can reclaim the middle band and hold above it, it might signal a potential reversal. But for now, there’s no clear indication of a trend shift. Until the price shows signs of stabilization, traders should be cautious about calling a bottom too early.
Key Levels to Watch
DOGE is hovering near the 61.8% retracement zone from its previous rally. This level is often viewed as a strong support area where buyers tend to step in. If it holds, a short-term bounce toward $0.175-$0.18 could be in play.
However, if sellers continue to dominate and DOGE breaks below $0.16, it could open the door to further downside, potentially testing the $0.15 mark. This would be a significant level to watch, as breaking below it could signal a deeper correction.
Dogecoin was originally created in 2013 as a joke but has since evolved into one of the most recognized cryptocurrencies, largely driven by community enthusiasm and high-profile endorsements. Despite its lighthearted origins, DOGE has proven its staying power in the crypto space.
For now, all eyes are on whether DOGE can stabilize at current levels or if the selling pressure will drive it lower. If buyers fail to regain control, the next few days could be crucial in determining the short-term direction of Dogecoin.
