Dogecoin price analysis (Bearish) — 0.16 USDT (-0.97% 24h)

DOGE is showing concerning technical signals as it trades at $0.1635, down nearly 1% in the past 24 hours. The cryptocurrency is currently testing critical support levels, trading below both its 20-day SMA ($0.1664) and 50-day SMA ($0.1643), indicating weakening medium-term momentum. The RSI reading of 29.8 suggests DOGE is approaching oversold territory, which could present a potential buying opportunity for contrarian traders. However, the elevated volatility of nearly 5% signals continued uncertainty in the market. Trading volume remains substantial at over $190 million, indicating active participation despite the price decline. For traders, consider scaling into long positions near current levels with tight stop-losses below $0.160, targeting a rebound toward the $0.166-0.168 resistance zone. Risk management is crucial given the current bearish momentum and high volatility environment.