Dogecoin Faces Bearish Pressure After Breaking Key Support

Dogecoin (DOGE) is showing signs of weakness as it slips below major technical support levels. The meme-based cryptocurrency recently dropped under its 50-day Exponential Moving Average (EMA), currently near $0.17, a key level that had previously served as a temporary support during consolidation. DOGE now hovers around $0.165, clinging to fragile horizontal support.

If this level fails to hold, the next potential support lies at $0.155, followed by a stronger historical bounce zone around $0.145. On the upside, DOGE must reclaim $0.17 to regain short-term bullish momentum, with resistance levels at $0.20 and $0.216 looming overhead.

What’s more concerning is the persistently low trading volume. This decline suggests a lack of conviction from both bulls and bears, a scenario that often precedes sharp volatility. If this continues, the muted volume combined with DOGE’s breach of the 50 EMA could trigger increased downward momentum.

The Relative Strength Index (RSI) sits around 44, signaling neutral-to-bearish momentum. With more room to fall before hitting oversold conditions, DOGE could face added selling pressure from short sellers and risk-averse holders.

While Dogecoin is known for sudden price surges fueled by social media buzz and celebrity endorsements, its current technical structure leans heavily bearish. Without a clear influx of buying interest, DOGE’s short-term outlook remains under threat.

Traders should watch closely for signs of a rebound above $0.17 or a further drop toward the $0.145 support level. Until then, caution is warranted in navigating Dogecoin’s uncertain price action.