• Dogecoin stays weak below major EMAs, with the price near 0.1457.
• Wyckoff Accumulation suggests a larger cycle forming since the 2024 peak.
• A break above 0.165 remains essential for any meaningful trend reversal.

Dogecoin continues to face a difficult trading environment as market pressure builds on the daily chart. The popular meme token sits near 0.1457 and remains trapped under clear bearish conditions.

At the same time, a long-term structure highlighted by Trader Tardigrade suggests that DOGE may be preparing for a larger cycle, forming a Wyckoff Accumulation since its 2024 peak.

This larger pattern has been progressing for a year, reaching its Phase C low, often referred to as the spring action. According to Tardigrade, Phase D should take DOGE back toward the upper range, while Phase E would eventually lift it above the entire accumulation zone.

Also Read: Dogecoin Holds Key Support, Eyes Explosive $0.2000 Rebound

Dogecoin Stays Below Key EMAs, Confirming Downtrend

In the daily time frame, Dogecoin is below all major EMA lines, such as the 20, 50, 100, and 200 EMA. The result shows that Dogecoin was in a strong bearish trend for several weeks.

Every bounce has failed near the 20-day EMA at 0.1612. Until there is a clean break above that level, the trend will remain bearish.

The Bollinger Bands reflect this weakness, as the current market price is located near the lower band at 0.1375. Since market prices remain close to the lower band, it signifies continued selling.

The bands have expanded to some extent; therefore, there would be increased volatility in prices, which may go lower unless strong buyers act as supports.

Fibonacci Barriers Limit Recovery Attempts

A brief overview of Fibonacci levels suggests it is considerably below the 0.236 level, at 0.1653. The first level to be reached in a recovering graph is always this place. Breaching it signifies that buyers have failed to make even the slightest rebound.

The subsequent resistance levels follow at 0.1768 and 0.1840. These values are situated around big EMA clusters. Hence, it would be difficult to cross 0.165-0.184 for bullish traders. Until then, momentum would remain restricted for DOGE.

The RSI value stands at 36.39, which is below 50 and just above the oversold level. A brief retracement may occur; however, no divergence exists to highlight the start of a trend change.

The MACD indicator remains below zero but approaches convergence as its histograms decrease in value; therefore, it suggests slowing bearish momentum.

Support levels for immediate positions are at 0.1375, while further supports can be seen at 0.125 and 0.110 if the downtrend persists. The resistance level is pegged at 0.1612 and 0.1653 and must be broken for any shift toward strength.

Also Read: Grayscale Launches Dogecoin and XRP ETFs on NYSE November 24