TLDR

Dogecoin is trading around $0.19, having fallen nearly 14% in the previous week
DOGE closed below its 200-day EMA at $0.21, indicating bearish momentum
Critical support zone exists between $0.187-$0.19; breaking below could trigger further decline
RSI reading of 39 and bearish MACD crossover signal potential continued downward pressure
Bulls need to reclaim $0.195 and push toward $0.215 to restore bullish momentum

Dogecoin, the popular meme cryptocurrency, is showing signs of weakening momentum as it trades around $0.19 following a significant drop last week. The digital asset has fallen nearly 14% over the previous week, putting it in a precarious position as key support levels come under pressure.

The price action for DOGE has been notably weak compared to Bitcoin, which remains close to its all-time highs. This divergence has caught the attention of crypto analysts who are monitoring several critical price levels.

On Thursday, Dogecoin closed below its 200-day Exponential Moving Average (EMA) at $0.21, which is considered a bearish signal by technical analysts. The following day saw an additional 10% decline, pushing the price toward its weekly support level at $0.18.

Technical indicators are reinforcing the bearish outlook. The Relative Strength Index (RSI) on the daily chart reads 39, below the neutral level of 50, suggesting that sellers maintain control of the market.

Additionally, the Moving Average Convergence Divergence (MACD) indicator has displayed a bearish crossover, which typically signals further downward momentum ahead.

Support Zones Under Pressure

Analysts have identified the $0.187-$0.19 range as a crucial support zone for Dogecoin. This area represents the difference between a temporary correction and a more substantial breakdown in price.

The price structure still shows some positive elements, with DOGE maintaining what analysts describe as a “higher low” on the ascending channel support. As long as the price stays above the trendline and support block, there remains a case for cautious optimism.

For bulls to regain control, they need to push the price back above $0.195 with strong buying volume. If successful, this could open the path to retest the $0.215 level.

Dogecoin Price on CoinGecko

However, if DOGE breaks below $0.187, many technical analysts consider this a sell signal that could trigger a more severe decline. In such a scenario, the next support level to watch would be around $0.15.

The current market conditions show the price hovering dangerously close to these critical support zones. Monday’s trading session has seen DOGE continuing to face selling pressure as it approaches the weekly support at $0.18.

Broader Meme Coin Weakness

Dogecoin’s struggles are not occurring in isolation. Other popular meme cryptocurrencies like Shiba Inu (SHIB) and Pepe (PEPE) are also showing signs of weakness as the broader crypto market struggles to maintain momentum.

Shiba Inu closed below its 50-day EMA at $0.0000139 last Thursday and has continued to decline. If SHIB remains below this key level, it could see an additional 10% drop from current levels, potentially retesting its April 16 low of $0.0000114.

Similarly, Pepe declined by more than 13% last week and is testing support at its 50-day EMA. A close below this level could extend the decline to its next support at $0.0000103.

The synchronized weakness across the meme coin sector suggests broader market forces at work rather than Dogecoin-specific factors.

Current market data shows Dogecoin trading at around $0.19, with bears maintaining control of short-term price action. The cryptocurrency remains at a crossroads, with the $0.18 support level representing a critical juncture for its price trajectory.

If DOGE manages to hold above $0.18 and recover, it could retest its 200-day EMA at $0.21. However, a daily close below $0.18 would likely accelerate the ongoing correction, potentially leading to a test of lower support levels in the days ahead.

The next few trading sessions will be crucial in determining whether Dogecoin can find stability at current levels or if further price deterioration is likely in the near term.

The post Dogecoin (DOGE) Price: Weekly Support at $0.18 Faces Test After 14% Decline appeared first on Blockonomi.

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Filed under: Bitcoin - @ June 2, 2025 8:20 am