Dogecoin Tests Critical Support at $0.168 Amid Price Concerns

Dogecoin is currently testing the $0.168 support level for the second time since mid-April. A break below this could trigger further price declines.

Key Support Under Scrutiny

Dogecoin has dropped approximately 30% from its mid-May peak.
The current price is at a critical support level that previously held in April.
A weekly close below $0.168 may lead to significant losses due to lack of buying interest below this mark.

Cup And Handle Pattern

The chart pattern suggests a four-year cup-and-handle formation.
A breakout above the triangle's upper trendline could target $0.75, representing a potential 350% increase from current levels.

Momentum Indicators Signal Weakness

Recent momentum indicators show declining strength, with the 50-day moving average falling below the 200-day moving average.
The MACD line is widening beneath its signal, indicating selling pressure.
RSI is currently at 42, suggesting more sellers than buyers.

ETF Decision Could Swing Sentiment

US regulators are expected to make a decision on a Dogecoin ETF on June 15.
Approval could attract significant institutional investment; a rejection or delay may lead to increased selling activity.

Over the past month, Dogecoin experienced 13 out of 30 positive days with an average price swing of 10.57%. Current forecasts suggest a potential rise to $0.20 by July 18, indicating market sentiment remains neutral.

Traders should monitor volume, weekly closes, and the upcoming ETF decision closely for signs of Dogecoin's next movement.