Dogecoin has taken a hit recently, with its price dropping below key support levels against the US Dollar. After testing $0.1650, DOGE is now looking to bounce back and reclaim some lost ground, aiming for the $0.180 mark.
The decline in DOGE price saw it break below the $0.1750 and $0.1720 levels, signaling a bearish trend in line with other major cryptocurrencies like Bitcoin and Ethereum. However, the price managed to hold above the $0.170 level and the 100-hourly simple moving average, showing some resilience in the face of selling pressure.
On the hourly chart of the DOGE/USD pair, a connecting bullish trend line has formed with support at $0.1680, indicating a potential reversal in the making. If the price manages to break above the $0.1750 and $0.1800 resistance levels, it could gain bullish momentum and push higher.
After hitting a low of $0.1646, DOGE is now trading above the $0.1680 level and the 100-hourly simple moving average, showing signs of a possible recovery. Immediate resistance levels to watch out for include $0.1755 and $0.1780, with the next major hurdle at $0.1800. A successful break above $0.1800 could pave the way for a rally towards $0.1850 and potentially even $0.2000.
However, if the price fails to break above $0.1755 and starts another decline, key support levels to watch out for include $0.1720, $0.1680, and ultimately $0.1650. A break below $0.1650 could see further downside towards $0.1620 or $0.1550 in the near term.
In terms of technical indicators, the MACD for DOGE/USD is showing signs of losing momentum in the bearish zone, while the RSI is currently above the 50 level, indicating a potential uptrend in the making.
Overall, Dogecoin’s price is at a critical juncture, with both bullish and bearish scenarios on the table. Traders and investors will be closely watching key support and resistance levels for clues on the next move in the DOGE market.