Dogecoin Holds Key Support at $0.16 as Traders Eye Breakout to $0.20

DOGE holds $0.16 support, eyes breakout to $0.20

MACD flips bullish, signals possible price reversal

Whales buy 7% supply near $0.20 support zone

Dogecoin is trading near an important long-term trend zone as renewed attention builds in the meme coin market. Recent activity suggests that DOGE may be preparing for a move, with technical levels being tested and volume behavior shifting. Traders are watching the $0.16–$0.157 area closely as the coin trades just above major support. The $DOGE / $BTC chart also mirrors patterns from earlier market cycles, often seen before strong upward moves.

Dogecoin Tests Long-Term Support as Price Stabilizes Above $0.16

Dogecoin is currently priced at $0.164 after a 2.76% rise in the past 24 hours. However, it remains over 10% lower compared to the previous week. Market capitalization stands slightly above $24 billion, while the circulating supply remains near 150 billion DOGE

The 24-hour trading volume has declined over 30%, dropping to approximately $1.31 billion.DOGE is hovering above the $0.157 support, which aligns with the 0.786 Fibonacci retracement level. This level has historically been critical for price recovery.

Analysts say if DOGE holds this area, it may start an upward move.However, a drop below $0.14 could lead to further losses. On the daily chart, DOGE remains outside a falling channel, as multiple rejections suggest buyers are still cautious.

MACD Crossover and Whale Activity Signal Potential Price Action

For the first time since December 2024, the MACD indicator on the weekly chart shows a bullish crossover. RSI has also reset to healthier levels, while open interest has increased by 7%. This combination points to increasing engagement from traders and possible market accumulation.

According to blockchain platform Glassnode, around 7% of DOGE’s total supply was recently bought near $0.20. This could act as a strong support base for future price increases.Analysts continue to observe whether DOGE can maintain its current range and push past resistance near $0.20. If successful, a higher move may follow, especially with ongoing developments tied to Elon Musk’s X platform.

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