- Dogecoin slides to two-week low on Musk buzz, bearish technical signals.
- Breakdown of bullish channel, key SMAs draws sellers toward long-term supports.
- Oversold RSI, bearish channel support may test short-term DOGE sellers.
Dogecoin (DOG/EUSD) extended its fall to a two-week low near $0.1650 on Tuesday, down over 3% intraday amid the early hours of the North American session. The drop follows a rejection of the bullish trend channel and a break below the 50-SMA. Growing speculation about DOGE promoter Elon Musk also adds pressure to the already bearish technical setup.
Technical chart: Daily chart indicates recovery in the price on the card
Source: Trading view
Dogecoin’s break below its month-old bullish channel and 50-SMA signals further downside, with key support seen near $0.1430–$0.1420. If that fails, bears may push toward the yearly low around $0.1300, last seen in late 2024.
If DOGE/USD stays weak below $0.1300, it could test the $0.1000 support, with the next major target around the previous yearly low near $0.0800.
The 50-SMA and the bottom of the trend channel cap Dogecoin’s short-term rebound around $0.1690 and $0.1740, respectively. A corrective bounce past $0.1740 could target the April high near $0.1930, followed by the $0.2000 level. However, buyers may struggle to gain momentum unless DOGE/USD breaks above the key 61.8% Fibonacci retracement near $0.2360.
DOGE/USD: Four-hour chart
Source: Trading view
Unlike the daily chart, the 4-hour projection cites the Dogecoin as facing short-term support around $0.1640, where the falling channel and oversold RSI could slow further downside. The late April low near $0.1525 also acts as a support.
The recovery moves, however, need a clear break of 200 and 100 SMAs, close to $0.1665 and $0.1750 in that order, to recall DOGE/USD bulls.
Even so, a month-old previous support line and the stated bearish channel’s top line, respectively near $0.1785 and $0.1820, can challenge the Doge buyers.
