Dogecoin (DOGE) faces price pressure amid declining market interest

Jakarta, Pintu News – Dogecoin (DOGE), one of the popular meme-based cryptocurrencies, is under price pressure after failing to sustain gains above a key resistance level. The move reflects a decline in market interest in high-risk cryptocurrencies amid uncertain market conditions.

Recent Price Trends and Important Technical Levels

At the beginning of this week, DOGE briefly rose and broke the resistance level at $0.2320 (approx. IDR3,805) against the US Dollar. However, selling pressure emerged around the $0.2380 (IDR3,906) level, causing the price to drop back below $0.2250 (IDR3,687). Currently, DOGE is trading near $0.2180 (IDR3,571), with key support at $0.2120 (IDR3,479).

Technical analysis shows that there is an uptrend line providing support around $0.2200 (IDR3,611). However, if the price breaks below this level, there is potential for a further decline towards $0.2000 (IDR3,282) or even $0.1880 (IDR3,090).

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Technical Indicators Show Bearish Momentum

The Moving Average Convergence Divergence (MACD) indicator on the hourly chart shows increasing bearish momentum. Meanwhile, the Relative Strength Index (RSI) is below the 50 level, indicating more dominant selling pressure.

If DOGE manages to break back above $0.2320 (IDR3,805), there is a possibility that the price will test the next resistances at $0.2380 (IDR3,906) and $0.2500 (IDR4,103). However, without significant trading volume support, the price rally may be difficult to sustain.

Declining Interest in High-Risk Crypto Assets

The decline in DOGE prices reflects a broader trend in the cryptocurrency market, where investors have started to avoid high-risk assets amid global economic uncertainty. Factors such as tight monetary policy and market volatility are causing investors to be more cautious about taking positions on assets like DOGE.

In addition, waning interest in meme coins and a lack of significant positive catalysts have also contributed to DOGE’s price pressure. Without any strong fundamental developments, it is difficult for DOGE to maintain its upward momentum.

Short-term Outlook and Investor Strategies

In the short term, DOGE faces a challenge to defend its critical support levels. Investors and traders are advised to monitor the $0.2120 (IDR3,479) level as a leading indicator of the direction of the next price movement. A break below this level could pave the way for further declines.

Conversely, if DOGE is able to break the resistance at $0.2320 (IDR3,805) with strong trading volume, there is potential for a price rally towards higher levels. However, given the current market conditions, a cautious approach and good risk management strategies are highly recommended for market participants.

Conclusion

Dogecoin is currently in a consolidation phase with increasing bearish pressure. Further price movements will largely depend on DOGE’s ability to hold key support levels and the emergence of positive sentiment in the overall cryptocurrency market. Investors are advised to remain vigilant and follow market developments closely before making investment decisions.

Also Read: Will Dogecoin (DOGE) Break $0.25? Check out the Analysis!

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Aayush Jindal / NewsBTC. Dogecoin (DOGE) Struggles to Sustain Gain as Meme Coin Mania Cools Off. Accessed May 20, 2025.
• Featured Image: Generated by Ai