Dogecoin Falls 5.5% Below $0.1720 Support, Tests Weekly 200-EMA
Dogecoin fell 5.5% to $0.1730 after a fresh Bitcoin sell-off dampened broader crypto markets. The memecoin broke below the critical $0.1720 support level on heavy trading volume, confirming a lower-high, lower-low pattern.
Trading volume surged to 500.6 million tokens—77% above the 24-hour average—while the weekly 200-EMA near $0.16 was tested for the seventh time. Dogecoin’s hourly RSI sits at 38, indicating mild oversold conditions but no full capitulation.
Traders should watch the $0.1720–$0.1719 support cluster. A decisive close below $0.17 could push Dogecoin toward $0.1650–$0.1600, while a solid defense may trigger a relief bounce to $0.1760. Institutional order-flow suggests measured de-risking rather than panic selling, leaving room for a technical rebound if selling pressure eases. Overall, Dogecoin’s technical setup remains bearish in the near term.
Bearish
The break below the key $0.1720 support and formation of a lower-high, lower-low structure confirm a short-term bearish bias for Dogecoin. Heavy trading volume and a test of the weekly 200-EMA underscore strong selling pressure. Although the hourly RSI at 38 indicates mild oversold conditions and institutional order-flow points to measured de-risking rather than panic selling, these factors mainly suggest a potential technical rebound rather than a sustained uptrend. Traders should prepare for further downside toward $0.1650–$0.1600 if $0.17 fails to hold, while any relief bounce would likely be limited near $0.1760 in the absence of bullish catalysts.