Dogecoin faces renewed selling pressure! What are the critical price zones to watch?

Dogecoin has recently slipped below key support levels, facing heightened selling pressure on both daily and hourly charts. Unless DOGE quickly reclaims the $0.080 to $0.082 range, analysts warn that the decline could deepen first toward $0.070, then potentially to $0.0656—levels that have not been tested since late 2023.

The $0.0816 level takes center stage in daily charts

Currently trading near $0.0794, Dogecoin is positioned just under the $0.0816 level, which stood out within last year’s price range. Although DOGE has been flatlining in this region, every attempted rebound has produced lower highs, signaling that buyers are struggling to regain control in the current environment.

Another technical point of interest has been the way Dogecoin is approaching support. Rather than triggering strong price reactions at support, DOGE has repeatedly tested the lower band of its consolidation range, potentially weakening that area. Such repeated tests can erode the resilience of a support zone, especially when buyers must continuously fend off intense selling pressure.

If DOGE fails to maintain its footing below $0.0816 and the price breaks down past the most recent lows, analysts foresee $0.070 as the next crucial area for a potential bounce. Should the decline deepen, the lower boundary from 2023 at $0.0656 may return to the spotlight.

Which levels matter for a bullish scenario?

On the flipside, a move above $0.0816 could lessen the risk of a sharp breakdown in the near term. If a stronger rebound materializes, the price could target the $0.0988 retest zone, and then the resistance near $0.112. However, for this bullish scenario to strengthen, a clear pickup in buying demand is needed.

Selling pressure persists on the hourly chart

Looking at the hourly chart, DOGE has attempted to stabilize at around $0.0788 after breaching its tight trading range to the downside. Data shows that sellers remain dominant in order flows. The increase in trading volume during the most recent dip also suggests the downtrend is supported by active market participation.

Quick glossary: VWAP stands for Volume Weighted Average Price, which reflects the average price of a token throughout the trading day. CVD, or Cumulative Volume Delta, tracks whether buying or selling is more intense and helps gauge market sentiment.

At the hourly scale, DOGE’s price remaining below its VWAP and the development of lower highs paint a weak short-term outlook. With Cumulative Volume Delta negative and below its 14-period average, this confirms that aggressive selling currently outweighs buyer interest.

The Money Flow Index, a momentum indicator, has dipped to about 22. While this suggests DOGE is approaching oversold conditions, analysts note that this alone doesn’t guarantee a sustained reversal. Unless DOGE climbs back above its VWAP and buying interest rises, any recovery attempts are likely to be limited.

Regaining the $0.080 to $0.082 band in the short-term stands out as the most critical development that could ease selling pressure. Should sellers maintain control and DOGE falls below support near $0.078, another wave toward lower levels could emerge.

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