Dogecoin Drops 2.06% As Bearish Trend Persists

The market for cryptocurrencies remains predominantly under the influence of sellers, with the price of Dogecoin (DOGE) experiencing a decline of 2.06% over the last 24 hours. This downward trend is evident on the hourly chart, where DOGE has made a false breakout of the local support level at $0.1645. If the daily bar closes significantly below this mark, analysts predict that the price could test the $0.17 level by the following day.

On a larger time frame, the bearish sentiment is also apparent. If the daily bar closes below the $0.1667 level without a long wick, the correction is likely to continue, potentially reaching the $0.16 area. This bearish outlook is further supported by the midterm perspective, where bulls have failed to maintain the price above the $0.18 zone. If buyers do not regain control soon, the price could test the $0.15 range.

At the time of reporting, DOGE is trading at $0.1669. The overall market sentiment suggests a continued bearish trend for DOGE, with key support levels at $0.1645 and $0.1667 acting as critical points for potential price movements. The failure of bulls to sustain the price above $0.18 indicates a lack of buying pressure, which could lead to further declines if not addressed.