Dogecoin Price Drops 4% to $0.163 Amid Bearish Trend

Dogecoin's price has been struggling to maintain momentum above $0.17, currently hovering near $0.163. This follows a steep rejection from the descending trendline and local resistance zone marked just below $0.168–$0.170. Despite a brief rebound after testing sub-$0.158 intraday lows on June 21, overhead resistance remains firm, and the short-term outlook continues to flash caution.

The recent consolidation beneath the breakdown zone has raised questions about why Dogecoin's price is going down, especially as multiple timeframes suggest trend exhaustion, increased volatility, and weak buyer follow-through. On the 4-hour chart, Dogecoin price remains trapped within a well-defined descending wedge pattern, with multiple failed attempts to breach the upper resistance. The most recent breakdown on June 20 pushed DOGE below the wedge and into a prior demand zone near $0.160–$0.163. Bulls managed to step in around $0.158, which now acts as the immediate floor, but a lack of volume on the bounce hints at limited conviction.

The Supertrend indicator remains bearish, currently showing resistance around $0.173. DMI readings continue to favor sellers, with the -DI line sitting elevated near 44.8 while +DI lags around 10.2. This imbalance highlights the dominant bearish trend, even as short-term relief rallies occur. On the daily chart, Dogecoin price action shows a broader downtrend in motion following a series of lower highs and lower lows. The trendline system confirms multiple bearish structure breaks, especially after the key BOS (Break of Structure) near $0.179 and $0.164 levels.

More critically, DOGE is now testing a liquidity pocket near the $0.158–$0.163 region that overlaps with a previously established bullish BOS zone from May. If this zone gives way, it opens up downside potential toward the next untested support band around $0.145–$0.150. This structure puts emphasis on short-term holding strength at $0.16. A breakdown would reinforce the bearish leg and nullify the possibility of a bullish recovery without a complete market rotation.

On the 30-minute structure, price action remains compressed between VWAP bands and the SAR reversal threshold. This confluence zone near $0.163–$0.164 is proving pivotal. Failing to break above VWAP has historically preceded sharp downside flushes, such as the one seen on June 20 when DOGE plunged below $0.158. At present, price is hovering right under the VWAP mean while testing the upper deviation. This positioning often hints at a volatility event, especially if SAR levels begin to align above the price again — signaling renewed downside risk.

From a momentum perspective, indicators are mixed. On the 30-minute timeframe, the RSI has stabilized near 51.8 following a bullish divergence from the recent bottom. This recovery shows waning bearish momentum in the ultra-short term, but is not yet strong enough to suggest a reversal. The MACD remains in negative territory but has started to flatten, with histogram bars shifting toward zero. This further supports the consolidation narrative and hints at a potential volatility expansion in either direction. Meanwhile, Bollinger Bands on the 4-hour chart have tightened, suggesting imminent volatility. Price is currently stuck below the mid-band ($0.1678), with resistance layered above at $0.173 and $0.179 — both aligning with EMA20 and EMA50. For bulls to regain control, DOGE must decisively reclaim these zones with volume and close above $0.175.

Until DOGE clears the descending trendline and confirms a breakout above $0.170, the outlook remains neutral to bearish. The 4-hour EMAs (20/50/100/200) are all sloping downward, reflecting systematic selling. In particular, the EMA50 around $0.173 and EMA100 at $0.179 form a critical resistance cluster that capped price several times this week. From a structure perspective, the daily chart shows the Dogecoin price has failed to maintain above its key BOS from earlier in May. If bulls fail to hold the $0.160 zone over the weekend, the next support sits near $0.152 followed by $0.145 — levels that coincide with historical buying interest.

On the flip side, if bulls manage to reclaim the $0.170–$0.173 resistance and break above $0.179, it would signal a potential invalidation of the bearish pattern and possibly spark a retest of $0.19–$0.21. The recent price action and technical indicators suggest that Dogecoin is facing significant resistance and bearish pressure, with the short-term outlook remaining cautious. The key levels to watch are the resistance zones at $0.170 and $0.179, as well as the support levels at $0.160 and $0.152. The market's next move will likely depend on whether bulls can regain control and push the price above these resistance levels, or if bears continue to exert pressure and drive the price lower.