DOGE slides 5%, testing key weekly EMA as selling pressure mounts.

Dogecoin Falls 5.5% as Bears Test Key Support Levels

Dogecoin (DOGE) extended its decline on Tuesday, dropping 5.5% from $0.1831 to $0.1730 as bearish momentum dominated European trading hours. Price action formed a textbook lower-high, lower-low pattern within a $0.0121 range, highlighting a near-term downtrend.

The move intensified at 14:00 GMT, when trading volume spiked to 500.6 million tokens, 77% above the 24-hour average. Sellers overwhelmed resistance near $0.1789, driving DOGE through successive support levels until buyers stabilized the price around $0.1719. Attempts to rally toward $0.1732 were met with immediate selling pressure, with hourly volumes of 12.5 million tokens indicating distribution rather than accumulation.

Technical Analysis
DOGE’s structure reflects weakening momentum and fragile support. The inability to reclaim $0.1789 validates the short-term bearish trend, while the $0.1719 zone forms a temporary base. Volume tapering suggests seller exhaustion, but without follow-through buying, further downside remains possible.

Analyst Kevin (@Kev_Capital_TA) points to the weekly 200-EMA near $0.16 as critical structural support, marking the line between cyclical pullback and long-term trend reversal. A close below $0.17 would reinforce bearish sentiment, while defense above $0.1720 may allow for short-term consolidation or a relief bounce toward $0.1760.

What Traders Should Watch
The key focus is whether DOGE can hold the $0.17 handle. Institutional order-flow suggests measured de-risking rather than panic selling, leaving room for a technical rebound if volume eases. Breach of the $0.1720–$0.1719 support cluster could expose $0.1650–$0.1600, where the weekly moving average provides last-resort structural support.

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