The Dogecoin price has spent the past several days moving through a noticeably weaker phase, falling from the mid-$0.18 region into a prolonged decline that has kept the price tilted downward. The chart shows a major high forming near $0.18311 before sellers forced the price into a tight downtrend, but every attempted bounce has turned into another correction.
Technical analysis from BitGuru focuses on why this rebound attempt is still weak and what Dogecoin must break above before any meaningful rally can begin.
Dogecoin Price Downtrend And Repeated Corrections
The structure of Dogecoin’s price action since reaching $0.183 on November 10 makes the weakness clear. After topping at $0.18311, Dogecoin slipped into a descending channel, with the downtrend highlighted by lower highs across November 11 and 12. Each time the price tried to push upward, the move stalled at a predictable level, creating another corrective swing. The chart shows this clearly during the November 13 and 14 period, where a modest recovery reached $0.16598 before sellers regained control.
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Since then, the price pattern shows that the Dogecoin price has been following a controlled downtrend. The selling pressure is consistent, and every rebound so far has been capped by the same resistance around $0.166. The momentum has been drifting downward for most of the past week, keeping the Dogecoin price suppressed below this price level.
the most recent candles on the chart show Dogecoin attempted another rebound after a drop into the $0.153 region. BitGuru noted that this bounce is not enough to confirm a reversal, and a stronger recovery will only be confirmed if it breaks above the nearby resistance zone.
The current price action in the past few days shows Dogecoin is holding above short-term support, but it has not yet shown the strength required to break out of the sideways-to-downward structure. Until the candles break above the compression zone formed between November 15 and 16, then Dogecoin might continue trading sideways.
Dogecoin / TetherUS. Source: BitGuru On X
The Resistance Zone Dogecoin Must Break
BitGuru’s main focus is the resistance zone that has repeatedly rejected Dogecoin. From the chart, this resistance stretches across the range between $0.163 and $0.167, coinciding with the point where the last two consolidation phases stalled. Each time Dogecoin reached this area, selling pressure increased, creating another correction.
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The chart shows this clearly in the boxed region leading into the November 16 decline, where Dogecoin hovered below $0.16598 for several hours before slipping again. This zone is acting as the barrier preventing Dogecoin from starting a new rally.
According to BitGuru, the market needs a clean breakout above this range before any stronger recovery can be confirmed. Without that breakout, the Dogecoin price will still be vulnerable to further downside movement. At the time of writing, Dogecoin is trading around $0.1566 and is well below this resistance block.
Featured image created with Dall.E, chart from Tradingview.com