While cryptocurrency markets remain flat and cautious, the technical outlook for the popular meme coin Dogecoin (DOGE) continues to weaken. According to CoinMarketCap data, buyers have not yet been able to gain control. Price movements over the last 24 hours show that short-term downside risks are still on the table for DOGE investors.
Misleading Breakdown and Pressure Increase in Short-Term Charts
DOGE price lost 0.39 percent in the last 24 hours and is traded at $ 0.1375. Examining the hourly chart, it can be seen that the price made a brief breakout above the local resistance at $0.1383, but this move was not permanent. This situation, called “false breakout” in technical analysis, generally indicates that selling pressure may increase.
If the daily candle closes close to the support levels, DOGE price is likely to test the $0.1360 zone. When looked at in a wider time frame, the picture is again in favor of the bears rather than the bulls. The price’s retreat towards the critical support at $0.1358 reveals that the market is still cautious. It is stated that if this support is broken downwards, the selling pressure that has been accumulating for a while may trigger a sharp decline towards the $ 0.1320–0.1340 range.
Medium-Term Outlook and General Atmosphere in the Meme Coin Market
In the medium-term perspective, Dogecoin appears to be moving within a wide channel between the $0.1199 support level and the $0.1568 resistance level. The current price is located near the middle of this channel. This reduces the possibility of sharp and directional movements in the short term. According to analysts, DOGE may have difficulty starting a strong trend without approaching major support or resistance levels.
This technical outlook also coincides with the general stagnation in the meme coin market. Recently, it has been observed that transaction volumes have decreased and investor interest has weakened in other meme coins such as Shiba Inu (SHIB) and Pepe (PEPE). In addition, the fact that major crypto assets such as Bitcoin and Ethereum move in a narrow band limits the risk appetite and increases the pressure on altcoins. Market participants avoid taking aggressive positions until macroeconomic data from the USA and news about crypto regulations become clear.
On the Dogecoin front, technical indicators make it clear that caution should be exercised in the short term. The fact that the price is close to critical support levels indicates that the movement may accelerate in a possible downward break. On the other hand, the medium-term channel structure weakens the expectations for a sudden and sharp rise for now. Support-resistance levels and general market sentiment will continue to be decisive for DOGE investors in the coming period.
