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The rebound journey of Dogecoin: DOGE holds on, or get ready to roar!
After a steady rise, the price of DOGE encountered resistance near the $0.1750 area. The recent high fluctuation point formed at $0.1705, and then DOGE began to undergo a downward correction similar to Bitcoin and Ethereum. It fell below the $0.1650 support area.
The low point formed at $0.1620, Dogecoin is currently consolidating, preparing for the next move. The current trading price of Dogecoin is below $0.1650 and the 100-hour simple moving average. On the upside, the price faces resistance near $0.1664. This price is close to the 50% Fibonacci retracement level of the downward move from the high of $0.1705 to the low of $0.1620.
The next major resistance level is around $0.1685, which is the 76.4% Fibonacci retracement level of the downward trend from the high of $0.1705 to the low of $0.1620. On the hourly chart of DOGE/USD, a key bearish trend line has also formed, with resistance at $0.1685.
If the closing price breaks through the resistance level of $0.1685, it may push the price towards the resistance level of $0.1725. If the price continues to rise, it may push the price towards the level of $0.1750. The next major stop-loss point for the bulls could be $0.1800.
If the price of DOGE fails to break through the level of $0.1685, it may fall again. The initial support level for the downside is around $0.1620.
The next major support level is around $0.1550. If the support level at $0.1550 is broken, the price may further decline. In this case, the price could drop to the level of $0.1520.
Technical indicator:
The MACD per hour - MACD of DOGE/USD is currently losing momentum in the bearish zone.
The RSI (Relative Strength Index) of DOGE/USD is currently below the 50 level on an hourly basis.
Major support levels - $0.1620, $0.1550, and $0.1520.
Major resistance levels - $0.1660, $0.1685, and $0.1720.
(Data Source: Aayush Jindal)
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