Dogecoin Drops 5.5% as Bears Pressure Key Support Levels
Dogecoin (DOGE) extended its decline on Tuesday, falling 5.5% from $0.1831 to $0.1730 as bearish momentum intensified during European trading hours. Price action formed a classic lower-high, lower-low pattern within a $0.0121 range, signaling a near-term downtrend.
The breakdown accelerated at 14:00 GMT, when trading volume surged to 500.6 million tokens, 77% above the 24-hour average. Sellers overwhelmed the $0.1789 resistance zone, pushing DOGE through multiple support levels until stabilizing near $0.1719. Attempts to rebound toward $0.1732 were met with immediate selling, with hourly activity of 12.5 million tokens indicating distribution rather than accumulation.
Technical Outlook
DOGE’s structure shows weakening momentum and declining support strength. Failure to reclaim $0.1789 reinforces the short-term bearish trend, while the $0.1719 support zone remains a fragile base. Volume tapering hints at temporary seller exhaustion, but without renewed buying, the token is vulnerable to further downside.
Analyst Kevin (@Kev_Capital_TA) notes the weekly 200-EMA near $0.16 as a key structural level. A decisive break below $0.17 could signal a shift to broader bearish sentiment, while holding above $0.1720 may allow for short-term consolidation or a bounce toward $0.1760.
Trader Considerations
Immediate focus is on whether the $0.17 handle can hold. Institutional order-flow suggests measured de-risking rather than panic selling, leaving room for a technical rebound if volume subsides. Breach of $0.1720–$0.1719 support could expose $0.1650–$0.1600, the next line of structural defense.
