Dogecoin Faces Critical Juncture at $0.166 Amid Sustained Downtrend
Dogecoin Faces Critical Juncture at $0.166 Amid Sustained Downtrend
The Dogecoin (DOGE) price is at a crucial point, struggling to hold support at $0.166 after deeper declines relative to Bitcoin. Analysts warn of further downside if the meme coin fails to reclaim this level, as bearish indicators like lower highs continue to dominate, pushing it to levels not seen since 2023.
Dogecoin Battles Bearish Pressure Near $0.166
The Dogecoin (DOGE) price finds itself in a precarious position, mirroring broader altcoin declines but suffering more significantly compared to Bitcoin. Having retraced to levels not seen since 2023, the leading meme coin is at a critical juncture where a definitive move is required to avert further downside.
According to analysis, the $0.166 level is now a key battleground for bulls and bears. Despite attempts to rebound, DOGE was recently rejected at $0.1823, shifting control back to sellers. The asset's consistent formation of lower highs is a significant bearish indicator, signaling weakening buyer interest and strengthening seller dominance, which typically foreshadows further price depreciation.
A recent weekend attempt to rally was thwarted as Bitcoin also struggled, pushing Dogecoin back down. Reclaiming and holding the $0.166 mark with strong momentum is paramount for DOGE bulls. Should this fail, the price could correct lower, with the next significant support level anticipated around $0.15, where a potential buying wave might trigger a short-term recovery.