Dogecoin (CRYPTO: DOGE) was trading in a bearish phase on Monday, slipping below multiple crucial support levels and raising concerns of further declines. The meme coin started a fresh downtrend after failing to maintain its bullish momentum near the $0.1680 resistance zone.

After a short-lived recovery attempt, DOGE faced strong rejection near the $0.1680 mark — a level that also proved to be an immediate resistance for Bitcoin and Ethereum. This rejection triggered a steady decline, pushing DOGE below the $0.1620 and $0.1580 support levels, signaling growing bearish sentiment.

Dogecoin Price Action

As the selling pressure intensified, DOGE broke past the $0.1550 support, slipping to touch a low of $0.1504. This move marked one of the lowest points in recent sessions, with the price now consolidating its losses and struggling to gain bullish traction.

Technical indicators on the hourly chart are showing a short-term bearish flag or a rising channel, with immediate support at around $0.1540. A breakout from this channel could decide the next leg of the trend.

Relative Strength Index (RSI ): The RSI on the 15-minute chart is showing signs of oversold conditions, which could lead to a rebound in the short term.

Moving Averages: The DOGE/USD pair is currently trading below the $0.1600 level and the 100-hourly Simple Moving Average (SMA), indicating a strong bearish trend.

Dogecoin Price Chart:

Dogecoin is known for its volatile price swings, and traders are closely watching this consolidation phase, as a breakout from the current range could set the tone for the next big move.

If the bulls manage to push the price above the $0.1680 resistance, it could open the door for further gains towards the $0.2000 psychological level.

Conversely, a breakdown below the $0.1500 support could propel the price towards the next key support at $0.1400, signaling a continuation of the bearish phase.