Dogecoin (DOGE) Drops 15% Amid Broader Crypto Market Bearish Sentiment

Dogecoin (DOGE) has been under significant pressure, continuing its slide into bear territory. The cryptocurrency has dipped below key support levels, including $0.2000 and $0.1850, and is currently consolidating below the $0.1650 resistance. This decline mirrors the broader market trends seen in Bitcoin and Ethereum, indicating a broader bearish sentiment in the cryptocurrency market.

The price of DOGE has tested the $0.1450 level and is now trading below the $0.1750 level and the 100-hourly simple moving average. The formation of a connecting bearish trend line with resistance at $0.1680 on the hourly chart of the DOGE/USD pair further complicates the situation. This trend line suggests that any recovery attempts may face significant resistance, potentially leading to further declines.

Despite the bearish trend, there is a possibility of a recovery if DOGE can clear the $0.1620 and $0.1680 resistance levels. However, the immediate resistance on the upside is near the $0.1620 level, which is also the 50% Fib retracement level of the downward move from the $0.1809 swing high to the $0.1440 low. The first major resistance for the bulls is near the $0.1680 level, followed by the $0.1720 level. A close above the $0.1720 resistance might send the price toward the $0.1850 resistance, with further gains potentially pushing the price toward the $0.2000 level.

On the downside, if DOGE’s price fails to climb above the $0.1680 level, it could start another decline. Initial support on the downside is near the $0.150 level, with the next major support near the $0.1450 level. The main support sits at $0.1420. If there is a downside break below the $0.1420 support, the price could decline further, potentially reaching the $0.1350 level or even $0.1250 in the near term.

Technical indicators also support the bearish outlook