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Dogecoin slides under critical technical levels amid market-wide weakness
Dogecoin (DOGE) dropped sharply during the latest session, slipping under several important support levels and trading below the 100-hour simple moving average (SMA) near $0.13. The pullback coincides with broader weakness across major cryptocurrencies, including Bitcoin and Ethereum, and technical indicators point to increased short-term downside risk.
Key technical breakdowns
On the hourly chart, DOGE broke a bullish trend line and fell beneath the 23.6% Fibonacci retracement of the most recent swing from high to low. That breakdown leaves immediate resistance capped by nearby minor highs and a more meaningful ceiling at the 50% Fibonacci retracement of the decline. Traders watching the moving averages note that staying below the 100-hour SMA reinforces short-term bearish sentiment.
Indicators show momentum favors sellers
Momentum oscillators confirm the bearish tilt. The MACD has strengthened in the negative zone while the RSI sits below the 50 midpoint — both classic signs that selling pressure is outpacing buying interest. Market technicians warn that additional losses are possible if DOGE fails to reclaim the 50% retracement and the 100-hour SMA.
Support and resistance outlook
Immediate support is located near the most recent low; beneath that, a larger support zone could be tested if selling accelerates. Conversely, a decisive close above the 50% retracement could open a path toward higher resistance targets and relieve some short-term pressure.
What traders should watch
- Price action around the 100-hour SMA and 50% Fibonacci retracement.
- Momentum readings: MACD crossovers and RSI movement relative to 50.
- Bitcoin and Ethereum directional bias, which historically influences DOGE moves.
While short-term signals favor sellers, a clear breakout back above key retracements and moving averages would change the near-term outlook. For now, traders should manage risk carefully and monitor correlated crypto market flows that can drive Dogecoin volatility.
Source: crypto
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