Full Analysis: Dogecoin Price Looks Set For Another Leg — Up Isn’t The Likely Direction!

Dogecoin (DOGE) is trading near $0.156, reflecting a significant drop of almost 19% over the past month. While some large-cap altcoins are attempting to recover, Dogecoin’s trend is tilting lower, with multiple on-chain and technical signals pointing to continued short-term weakness.

I. Technical and On-Chain Signals of Weakness

The potential for further downside is confirmed by two critical indicators: Hidden Bearish Divergence: The Relative Strength Index (RSI), a momentum indicator, shows a hidden bearish divergence. This occurs when the price makes a lower high while the RSI makes a higher high. Traders interpret this as a strong continuation warning, suggesting that the existing downtrend still has room to run before a true reversal can occur.Aggressive Long-Term Holder Selling: On-chain data tracking wallets holding DOGE for more than 155 days (long-term holders) reveals a collapse in conviction. Selling pressure from this cohort has seen a sharp increase of nearly 175 million DOGE over a ten-day period (November 9 to November 19), representing a 280% jump in distribution. This combination of weakening momentum and “strong hands” stepping back makes short-term rebounds easy to fade.

II. Critical Support and Resistance Levels

The next price move is contingent on defending immediate support levels within the existing bearish structure: Critical Support: The first important level for DOGE to protect is $0.150, which has repeatedly acted as a short-term floor.Downside Targets: Losing the $0.150 support could push the price lower toward $0.140 and potentially as low as $0.127 if broader market sentiment deteriorates.Upside Invalidation: To pause the bearish pattern and shift momentum, Dogecoin needs to reclaim $0.163. A clean move above this level would open the path to the next major resistance at $0.186.

III. Final Conclusion

The overall picture for Dogecoin is decisively negative. The presence of a hidden bearish divergence combined with a massive 280% jump in long-term holder distribution signals that the downtrend is robust and likely to continue. Unless Dogecoin reclaims the key resistance at $0.163, the price is expected to test the crucial support at $0.150, and failure to hold this floor risks a deeper slide toward $0.127.

⚠️ Important Disclaimer

This analysis is for informational and educational purposes only and is based on technical analysis and market data. It is not financial advice, nor should it be construed as a recommendation to buy, sell, or hold any security or cryptocurrency. The cryptocurrency market is highly speculative, volatile, and subject to external factors. Readers must conduct their own comprehensive research (DYOR) and consult with a qualified financial advisor before making any investment decisions.