Dogecoin Faces Renewed Selling Pressure as Support Levels Tested
Dogecoin (DOGE) has fallen by nearly 5% in the past 24 hours, slipping toward the critical support area near $0.0023. The latest decline reflects persistent weakness in the memecoin’s structure, as repeated formations of lower highs suggest that sellers remain firmly in control of the trend.
The chart reveals that after breaking out of a descending wedge pattern earlier this summer, DOGE staged a sharp rally that briefly pushed prices above $0.0040. However, this surge was short-lived, and the asset has since been unable to reclaim those highs. Multiple failed attempts at recovery created a downward trajectory marked by lower peaks, a signal often interpreted by traders as a continuation of bearish momentum.
“The repeated rejection near the $0.0035–$0.0040 zone highlights strong resistance, while the inability to hold above the mid-range has added pressure on buyers,” BITX market analysts noted. “If the $0.0023 level gives way, DOGE could be exposed to a deeper correction toward $0.0020 or even lower.”
For bulls, reclaiming the $0.0028–$0.0030 area is essential to shift short-term sentiment. This region previously acted as support but has now flipped into resistance, reinforcing its importance in determining the next trend direction.
Volume activity underscores the cautious outlook, with declining trade participation during price rallies suggesting a lack of conviction among buyers. Without stronger inflows, the coin may struggle to generate the momentum needed for a sustainable reversal.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.