Dogecoin Drops 3.57% as Bears Pressure $0.17 Resistance

Dogecoin (DOGE) faced a notable decline on June 21, with its value decreasing by 3.57%. This drop was marked by a false breakout of the local resistance at $0.1642 on the hourly chart. The cryptocurrency has been struggling to sustain its position above $0.17, as bears continue to exert pressure near the supply zone. This bearish trend is anticipated to persist, with analysts forecasting that DOGE could encounter further challenges in the coming days.

On the hourly chart, the rate of DOGE made a false breakout of the local resistance of $0.1642. If the daily bar closes far from that mark, there is a possibility of a test of the support by tomorrow. On the bigger time frame, one should focus on the candle closure in terms of the mirror level of $0.1639. If the price of the meme coin fails to break it and fix above, traders may witness an ongoing decline to the $0.16 zone. From the midterm point of view, the rate of DOGE is breaking the support of $0.1667. If bears can hold the gained initiative, there are high chances of an ongoing drop the upcoming week.

The price of DOGE has been fluctuating within a range, with the high price for the day reaching $0.2066 and the low price dipping to $0.1375. The average price for the day was $0.1714. According to the analyst's forecast, the price of DOGE is expected to end the month at $0.1478, representing a change of -23.7% for June. This forecast suggests a continued downward trend for the cryptocurrency, with potential support levels at $0.1375 and resistance levels at $0.2066.

Looking ahead, the price of DOGE is expected to remain volatile, with potential for both upward and downward movements. The cryptocurrency's performance will likely be influenced by market sentiment and broader trends in the cryptocurrency market. Investors and traders should closely monitor the price movements and be prepared for potential fluctuations in the coming days. DOGE is trading at $0.1636 at press time.