Dogecoin Under Price Pressure: Key Levels to Watch

Dogecoin (DOGE) is facing new selling pressure, sliding below important support levels as the overall cryptocurrency market is undergoing a downturn. This meme coin once again dropped below $0.1850 against the US dollar, with the downward momentum pulling the price towards key support areas. DOGE price analysis In recent trading sessions, DOGE has struggled to stay above the 0.1850 dollar resistance level. The price has dropped below 0.1750 dollars and even the 100-hour Simple Moving Average (SMA), signaling continued bearish sentiment. On the hourly DOGE/USD chart, a downtrend line has formed, with resistance around $0.1680. Currently, DOGE is stabilizing below $0.1650 after testing the low of $0.1450. Key support and resistance levels Immediate resistance levels: $0.1620 and $0.1680 remain crucial resistance levels. If DOGE can surpass these levels, it may signal a potential reversal. Major resistance: A price surge above $0.1720 could open the door for a stronger rally towards $0.1850 and possibly $0.2000. Further upside momentum could even propel DOGE towards $0.2050. Major support: On the downside, initial support is found at $0.1500, with stronger support at $0.1450. If this level does not hold, the next important support is at $0.1420. Further downside risk: If the price drops below $0.1420, it could lead to a more significant decline, potentially dragging the price down to $0.1350 or even $0.1250 in an extended bearish scenario. Market trends and indicators MACD Indicator: The MACD indicator on the hourly chart is losing momentum in the bearish zone, indicating continued downward pressure.RSI (Relative Strength Index): RSI remains below 50, reflecting the dominance of sellers in the market. Potential scenarios for DOGE Price Breakout: If DOGE can surpass the $0.1680 level and sustain momentum above $0.1720, the price could rise to $0.1850 and beyond. Further decline: Failure to reclaim resistance levels could lead to more losses, with $0.1450 and $0.1420 being key levels to watch. Dropping below these areas could accelerate the downtrend. Conclusion Dogecoin is still under pressure, with the short sellers controlling the market. To have the possibility of recovery, the price must reclaim key resistance levels. If DOGE fails to regain momentum above $0.1680, the downside risk remains. Traders should closely monitor the support levels while keeping an eye on the general trends of the cryptocurrency market, as the fluctuations of Bitcoin and Ethereum often impact DOGE price action.