- Dogecoin is approaching key support at $0.1635, and a break below could lead to a decline toward $0.16 in the short term.
- While a midterm rebound from $0.1411 shows some strength, DOGE is likely to trade sideways between $0.16 and $0.18 due to weak bullish momentum.
Short-Term Pressure Builds Near Support
Dogecoin (DOGE) is once again testing investor patience, with current price action revealing increased pressure near a crucial support level. On the hourly chart, DOGE is inching toward the local support of $0.1635. If this level fails to hold, a short-term breakdown could push the price further down to the $0.16 range — a move that could unfold before the end of June 26.
The bearish pressure stems from a lack of bullish momentum, as buyers have not shown strong enough volume to defend key levels. This technical weakness is raising concerns among traders watching for the next leg of DOGE’s movement.
False Breakout on the Daily Chart
Zooming out to the daily time frame, Dogecoin recently staged a false breakout above resistance at $0.1677. This fake-out suggests bulls lacked the strength to sustain upward movement. If today’s daily candle closes with a long upper wick and remains far below that resistance, it could confirm a reversal pattern, opening the door for DOGE to drop toward the $0.1550-$0.16 zone.
This pattern highlights a cautious sentiment in the market, where even brief breakouts are being met with selling pressure.
Midterm Outlook: Sideways Movement Ahead?
Despite recent dips, DOGE did manage a rebound from $0.1411, showing some resilience in the midterm outlook. However, analysts note that the coin hasn’t gathered enough bullish energy to fuel a major rally. Without a strong catalyst, Dogecoin is likely to remain in a sideways channel between $0.16 and $0.18, at least for now.
Investors should watch for confirmation from broader market cues or meme coin catalysts before expecting significant upside.
Dogecoin faces a critical support test at $0.1635. A break could lead to a short-term decline toward $0.16. While the midterm trend remains cautiously bullish, DOGE may stay range-bound between $0.16 and $0.18 until new momentum emerges.
