Kraken Observes Dogecoin (DOGE) Bearish Trend as Key Support Levels Break

Dogecoin (DOGE) is facing significant downward pressure as it fails to hold critical support levels against the US Dollar. The cryptocurrency’s inability to break the $0.1680 resistance has led to a fresh decline, with analysts warning of further losses if the $0.150 support level is breached. Below is a detailed analysis of the current market situation and potential future movements for DOGE.

Dogecoin (DOGE) Under Pressure—Bearish Setup Could Trigger Sell-Off

Dogecoin started a fresh decline from the $0.1680 zone against the US Dollar. The cryptocurrency failed to clear the $0.1680 resistance and dipped below the $0.1620 and $0.1600 support levels. It is currently consolidating and might extend losses below the $0.150 support. The price is trading below the 100-hourly simple moving average, and a short-term rising channel or bearish flag is forming on the hourly chart with support at $0.1540. A break below the $0.1520 support zone could lead to further losses.

Kraken Slashes Workforce Ahead of U.S. IPO

Kraken has announced layoffs affecting all company areas as part of an ongoing restructuring process. Despite the reductions, the company is still hiring in critical areas. The move comes after the U.S. Securities and Exchange Commission dismissed a civil lawsuit against Kraken in March, accusing it of operating illegally as an unregistered securities exchange. Kraken referred to the SEC’s dismissal as a crypto turning point. Trump’s promise to enact more business-friendly laws has been instrumental in Kraken’s growth.