Dogecoin (DOGE) is currently navigating a precarious position, trading below its 21-day Simple Moving Average (SMA) while attempting to hold the critical $0.17 support level. With a current price of approximately $0.166, the market shows signs of indecision as downward pressure continues to build.

A Closer Look at the Technicals

Recent price action shows that buyers have twice failed to push DOGE above the 21-day SMA, which is acting as a significant resistance line. Both the 21-day and 50-day SMAs are trending downward, reinforcing a negative market sentiment. On the 4-hour chart, the appearance of Doji candlesticks—a pattern that often signals indecision—suggests that the price movement has stalled, with neither buyers nor sellers gaining control.

Potential Scenarios for DOGE

The immediate future for Dogecoin hinges on its ability to hold the $0.17 support. If sellers manage to breach this level, the asset is likely to see a steady decline toward the next support at $0.13. A sustained bearish momentum could even push the price as low as $0.10.

Conversely, a bullish reversal would require buyers to decisively break through the 21-day SMA. A successful move could propel the altcoin toward its next major hurdle at the 50-day SMA, near the $0.22 resistance mark. Overcoming this could build enough positive momentum to target a high of $0.26, returning the token to a range-bound movement.

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