• Dogecoin plummeted 5.5%, slipping below the holy support level of $0.1730. Heavy selling! The memecoin’s losing its grip.
• The price action screams: bearish trend ahead, with chaos lurking around the $0.1730 mark, like a villain in a cheap melodrama.
• Everyone’s watching if support at $0.17 can hold, but the gamblers are eyeing the abyss at $0.1650-$0.16 – just a breath away from total madness.

The coin, that beloved jester, broke under $0.1720 amid frantic volume-a full-blown sell-off during U.S. hours, testing the patience (or the stupidity) of long-term believers. Will it bounce back, or is this the end? Only the market knows, and it’s just laughing behind its hand. 🎭

Background of this tragic comic saga

• Dogecoin’s downfall extends into Tuesday, losing 5.5%-from $0.1831 down to $0.1730-as bearish momentum, like a hungry wolf, accelerated across European markets.
• This sharp tumble formed the classic lower-high, lower-low pattern-like a bad joke told on repeat.
• Selling pressure hit at resistance sweet spot at $0.1789, leading to a cascade that tested every support level, until buyers finally grabbed the wheel near $0.1719. Call it a Pyrrhic victory? Maybe. 🤔

The essence of the chaos

• DOGE’s support is crumbling, momentum waning-support looks more fragile than a house of cards in a tornado.
• Failing to reclaim the $0.1789 high seals its fate-a bearish trend, like a bad marriage, seems permanent.
• The $0.1719 zone offers a shaky refuge, where traders are nervously eyeing each other-they all know the next step could send them careening into the abyss. Volume drops hint that sellers may be tired, but without buyers stepping up, the downfall might just continue unabated.

Technical analysis: the crystal ball

• Without any news flashes from the universe, DOGE’s fate hinges on technical wizardry.
• Breaking below its short-term averages confirms the persistent bearish bias since early November-a trend as stubborn as a mule.
• RSI at 38, mildly oversold but not screaming capitulation-yet. Kevin (@Kev_Capital_TA) points to the weekly 200-EMA near $0.16 as Dogecoin’s “line in the sand.” Six retests, and it’s still holding… for now.

For the brave (or foolish)

• The immediate question: can Dogecoin hold the $0.17 line, or is it destined to plunge further? Institutional players are de-risking, not panicking-yet. A bounce may happen if the volume calms down.
• If the support at $0.1720-$0.1719 fails, then the real horror begins around $0.1650-$0.16, where the last crutch-the weekly moving average-awaits.