Dogecoin Battles Key Resistance at $0.176: The Next Support Levels to Watch

• Dogecoin is battling at $0.176, with a bearish tweezer signaling resistance.
• A breakout over $0.176 has the potential to push gains, but support at $0.143 is crucial.
• The market waits for confirmation since DOGE is moving in a tight consolidation zone.

Dogecoin’s chart on the daily chart shows a steep price action, with the asset consolidating near major levels of resistance. A bearish candlestick pattern suggests a likely decline if the momentum diminishes.

Market Structure and Momentum

Dogecoin has been showing indications of downtrend pressure, range-bound in a self-imposed range. The price remains held between major resistance and support, choosing the next direction to head.

Recent work by market commentator Trader Tardigrade reveals a “Bearish Tweezer” set up near the $0.176 resistance level. He observed that the pattern, typically a mark of selling pressure, coincides with a false breakout, pointing towards potential declines.

Source: Trader Tardigrade

The tested asset previously at $0.143 was supporting, and he noted that not dropping below $0.176 may push the price towards that level. The analysis also notes that DOGE must form higher lows around $0.176 to achieve upward momentum to break higher.

Key Support and Resistance Zones

Dogecoin’s price graph picks out pivotal horizontal levels governing current market behavior. Resistance zones of $0.18590 previously topped every rally, whereas the $0.13708 support line has relentlessly brought declines to a close. Additional technical analysis findings carried out by Trader Tardigrade reveal consolidation between $0.143 and $0.176, which suggests likely range-bound action.

He further explained that if DOGE were to break above $0.176, it might go on to greater levels of resistance, confirming a bullish breakout. Failure to sustain support, however, could cause lower prices to lower levels of price, confirming a bearish breakdown pattern.

Potential Market Scenarios

Based on the report from Tardigrade, the market structure is in suspense awaiting confirmation of what to do next. He indicated that the zoomed chart areas outline two paths: an up breakout or down rejection.

Source: CoinMarketCap

The bullish view is in a confirmed breakthrough resistance, where price probes support before resuming. According to him, the bearish scenario illustrates a rejection at resistance, which induces a higher volume of selling and resultant lower price levels. Such levels are monitored closely by market players to assess future price movement.