Heavy selling pressure drags DOGE below key technical zone, sparking caution among traders
Dogecoin (DOGE) fell 5.5% to $0.1730, sliding below a crucial short-term support area amid broader weakness in speculative crypto assets. The move marks a potential shift in market sentiment as traders reassess risk exposure following several weeks of volatility across meme coins.
At the time of writing, DOGE is trading near $0.1745, hovering around a key pivot zone that has previously acted as both resistance and support. The $0.17 level is now under scrutiny as market participants debate whether buyers can maintain control—or if another wave of selling could expose DOGE to the $0.1650–$0.1600 range.
“Dogecoin is showing clear signs of fatigue after repeated failures to reclaim its short-term trendline,” said BitXJournal crypto market analyst. “If $0.17 fails to hold, it opens the door for a deeper correction toward the mid-$0.16 region.”
Technical Analysis: Bearish Structure Persists
On the 4-hour chart, DOGE remains below a descending resistance line stretching from late October highs. Multiple change of character (CHoCH) and break of structure (BOS) points confirm a bearish bias, with sellers continuing to dominate rallies into the $0.1820–$0.1850 supply zone.
The price has also slipped beneath the green demand area, indicating a loss of short-term momentum. Should volume continue rising on down moves, the probability of retesting the brown support zone near $0.16 increases significantly.
Still, some analysts see this as a potential accumulation phase before a medium-term reversal. “If Dogecoin can reclaim the $0.1850 level with strong volume, it would invalidate the bearish thesis and signal renewed buying interest,” BitXJournal trader noted.
The ability of DOGE to defend this zone could define its trajectory heading into late November.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.