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.
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.
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.
