Dogecoin: DOGE price falls 7% this week – Will the support level of $0.1500 hold or break next?

Dogecoin (DOGE) is once again under the microscope as bearish pressure increases following a failed attempt to break through the $0.1680 level earlier this week. Currently trading near $0.1550, the price of DOGE has slipped below key support zones, raising new concerns among traders. Although this meme coin showed resilience earlier in the month, the developing bearish flag pattern and weak technical momentum suggest that there may be further losses ahead. Analysts warn that if support near $0.1500 is breached, DOGE could drop to $0.1400 or even lower. DOGE price breaks important levels: Bears take control Dogecoin has traded with a distinct bearish tone after buyers failed to maintain the upward momentum above the 0.1680 dollar threshold. The price of DOGE has fallen below several support levels – 0.1620 dollars, 0.1600 dollars, and more recently 0.1550 dollars – highlighting increased selling activity. The current trading structure shows that DOGE is consolidating below the 100-hour simple moving average, a bearish signal indicating that a downtrend is forming. Technical indicators confirm the trend. The hourly MACD is strengthening in the red zone and the RSI has fallen below 50, indicating that pessimistic sentiment is prevailing. DOGE price is forming a bearish flag or rising channel, which is often a continuation pattern that could lead to another bearish phase if support is broken. Immediate resistance is at $0.1580, followed by stronger resistance at $0.1600 – the 50% Fibonacci retracement level of the drop from $0.1694 to $0.1504. Formation of a bearish flag: Collapse or recovery? A short-term bullish channel is formed on the chart when the price of DOGE closes above $0.1540, an important support level in the short term. The next important defensive line, if this level fails, is $0.1520, followed by $0.1500 for the psychological support level. A clear break below this zone could signal the start of further bearish moves. Analysts predict that if the overall market sentiment remains uncertain, a drop could push DOGE closer to $0.1420 or possibly $0.1350 in the near future.

However, a surprising recovery is not impossible. DOGE could aim for the resistance level of $0.1620 if it rises back above $0.1600. The bullish momentum could be triggered by a breakout and close above this level, with potential price targets around $0.1700 and $0.1720. However, this requires a change in sentiment and volume, both of which are currently at negative levels. The increased volatility of the cryptocurrency market is also a result of macroeconomic pressure and the decline of Bitcoin from recent highs. This makes short-term forecasts more difficult compared to meme coins like Dogecoin, which often follow the waves of sentiment. DOGE is at a crossroads: Recovery or bearish trend ahead? The short-term trajectory of Dogecoin depends on the ability to maintain an important support level near $0.1500. While it may recover in a bullish direction, this setup tends to remain bearish unless DOGE can break above $0.1600 with conviction. Traders are advised to closely monitor volume trends and RSI levels. A spike in buying pressure could reverse sentiment, but currently, the bears seem to be in control. What will the price of Dogecoin be next: Will DOGE maintain the price level of $0.1500? What's next for Dogecoin? Technical indicators suggest that DOGE may be at a crossroads. With a bearish flag approaching and support weakening, the upcoming sessions could be crucial. DOGE could experience a more significant correction to the $0.1420 level or possibly $0.1350 if it breaks below $0.1500. However, it seems like this is a tough battle at the moment, but a rise above $0.1600 could negate the bearish argument. The meme coin is currently in a fragile state.