Dogecoin Price Drops Below Key Supports Amid Broader Crypto Market Weakness

Dogecoin price breaks key supports, trades below 100-hour MA, with bearish indicators signaling risk of further short-term downside.

Dogecoin price declined against the US Dollar, falling below key support levels and trading under the 100-hour simple moving average at 13 cents, according to market data.

The cryptocurrency broke below a key bullish trend line on the hourly chart, technical analysis showed. The decline followed broader weakness in Bitcoin (BTC) and Ethereum (ETH) markets.

Doge (DOGE) fell through several support levels and established a new low before trading below the 23.6% Fibonacci retracement of the move from the recent swing high to that low, according to chart data. The price remained under the moving average.

Immediate upside resistance was identified near recent minor resistance levels, with first major resistance around the 50% Fibonacci retracement of the decline, technical analysts noted. A close above that level could lead to further gains toward higher resistance targets.

Continued failure to climb above those resistance levels may result in additional downward pressure, analysts said. Initial downside support was located near the recent low, with a larger support level positioned below. A break of that support could lead to further losses toward lower price levels in the near term.

Technical indicators showed the MACD gaining momentum in the bearish zone while the RSI registered below the 50 level, according to chart analysis.