TLDR
- Dogecoin (DOGE) is experiencing a significant price decline, falling below key support levels of $0.1650 and $0.1550
- Technical analysis shows a bearish trend line with resistance at $0.160 on the hourly chart
- DOGE price could extend losses if it breaks the $0.1380 support zone
- The cryptocurrency has followed a rising trendline since October 2023, with a key support level at $0.13
- DOGE is down 4.91% in 24 hours and 54.48% year-to-date according to recent data
Dogecoin has entered a fresh decline period after failing to break through the $0.1720 resistance level, mirroring similar patterns seen in Bitcoin and Ethereum. The popular meme cryptocurrency is currently trading at $0.1434, representing a 4.91% drop in the last 24 hours.
The price action shows DOGE has fallen below several important support levels, including $0.1650 and $0.1550. Bears successfully pushed the price below the critical $0.150 mark, with the cryptocurrency even trading close to the $0.1280 support level at one point.
A recent low was formed at $0.1296, after which the price corrected slightly upward. However, sellers remained active near the $0.1560 resistance level, preventing a stronger recovery.
Technical charts reveal a connecting bearish trend line forming with resistance at $0.160 on the hourly timeframe for the DOGE/USD pair. The cryptocurrency is now trading below both this trend line and the 100-hourly simple moving average, suggesting continued downward pressure.
Key Support and Resistance Levels
Traders and investors should monitor several critical price levels that could determine DOGE’s short-term trajectory. Immediate resistance appears near the $0.1500 level, with the first major resistance for bulls positioned around $0.1550.
If buyers manage to push the price above these levels, the next significant resistance would be near $0.160. A successful break and close above this mark could potentially send DOGE toward the $0.1720 level, followed by $0.180 and potentially $0.1880.
On the downside, initial support can be found near $0.1380. If this level fails to hold, the price could decline further toward $0.1320, with the main support positioned at $0.1280.
According to cryptocurrency analyst Ali Martinez, Dogecoin has respected a rising trendline since October 2023 that now converges with the 61.8% Fibonacci retracement level at $0.13, making this a particularly important support level to watch.
Since October 2023, #Dogecoin $DOGE has respected a rising trendline that now converges with the 61.8% Fib retracement at $0.13, making this a key support level to watch. pic.twitter.com/fSlblEcpiu
— Ali (@ali_charts) April 8, 2025
Technical Indicators Signal Mixed Outlook
The hourly MACD (Moving Average Convergence Divergence) indicator for DOGE/USD is gaining momentum in the bearish zone, while the hourly RSI (Relative Strength Index) remains below the 50 level, both pointing to continued selling pressure.
Meanwhile, broader technical analysis presents a mixed picture. The MACD indicator on larger timeframes has flashed a “Sell” signal according to TradingView data. However, the Williams Percent Range, which helps determine whether an asset is overbought or oversold, is signaling “Buy,” suggesting a potential reversal may be approaching.
Speculative interest in Dogecoin has decreased substantially in recent months. Open Interest has fallen over 75% from January highs, according to data from Coinglass. Despite this decline in trading activity, the Long/Short ratio remains above 1, indicating that more traders are holding long positions than those betting on further price drops.
The recent performance places DOGE down approximately 54.48% year-to-date, reflecting the broader challenges facing the cryptocurrency market in 2025.
If DOGE fails to climb above the $0.150 level, traders should prepare for another potential decline. A break below the crucial $0.1280 support could accelerate the downward movement, potentially sending the price toward $0.1200 or even $0.1120 in the near term.
The cryptocurrency’s price behavior is particularly important to monitor as it has historically served as a barometer for retail investor sentiment in the broader crypto market.
Market participants should keep an eye on these key support and resistance levels while remaining aware that cryptocurrency markets can experience rapid and unexpected price movements.
Market Context and Position
Dogecoin’s recent struggles come during a period of general market correction that has affected many cryptocurrencies. The meme coin has been under considerable selling pressure, sliding more than 15% over the past week and 17% over the last month.
Technical analysts emphasize the importance of the $0.13 support level, which represents both a long-term rising trendline dating back to October 2023 and the 61.8% Fibonacci retracement level – often referred to as the “golden ratio” in technical analysis.
For traders and investors watching DOGE, the immediate price action around current levels and the reaction to the identified support and resistance zones will be crucial in determining the next major move for the cryptocurrency.
The current trading price of $0.1434 places DOGE at a critical juncture where the next few days of price action could establish the trend direction for the coming weeks.
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