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Dogecoin (DOGE) extended its losing streak on Tuesday, sliding 5.5% from $0.1831 to $0.1730 as heavy selling pressure gripped the market. The decline, which unfolded during European and U.S. trading hours, confirmed a clear lower-high, lower-low pattern — signaling sustained bearish momentum in the short term. Intense sell orders emerged near the $0.1789 resistance level, driving prices sharply lower before stabilizing around the fragile $0.1719 support zone.
Market data indicates that DOGE’s failure to reclaim the $0.1789 resistance underscores weakening bullish strength. The compression around $0.1730 reflects uncertainty among short-term traders, while repeated retests near $0.1719 suggest that buyers are attempting to hold a tenuous line of defense. Volume spikes during the selloff point to increased activity, but subsequent tapering hints at temporary seller exhaustion. However, without renewed buying interest, the market remains exposed to another potential downside move.
Technical indicators reinforce the bearish tone. Dogecoin’s breakdown below key short-term moving averages aligns with the broader downward trend that has persisted since early November. The hourly Relative Strength Index (RSI) near 38 signals mildly oversold conditions — suggesting potential for a short-term bounce but not yet capitulation. Market analyst Kevin (@Kev_Capital_TA) emphasizes the importance of the weekly 200-EMA near $0.16, calling it Dogecoin’s long-term “line in the sand.” This level has held firm across multiple retests since summer and continues to serve as critical structural support.
Traders now focus on whether the $0.17 zone can withstand further pressure. Institutional order flow suggests a controlled de-risking rather than panic selling, hinting at a possible rebound if market volume continues to decline. A failure of the $0.1720–$0.1719 cluster could expose DOGE to the $0.1650–$0.1600 range — a key area for maintaining long-term bullish structure.
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