Dogecoin Tests Key Support as Analyst Eyes Rally to $0.50
Dogecoin holds critical 23.60% Fibonacci support at $0.1869 after 14% weekly decline.
MACD bearish crossover indicates growing downward pressure toward $0.14.
Analyst Tardigrade predicts 2x rally potential from base-three pattern breakout.
Dogecoin is testing crucial support near $0.1869 as the largest meme coin by market cap struggles with broader altcoin weakness. Trading around $0.19, DOGE has declined nearly 14% over the past week, with traders watching whether the 23.60% Fibonacci retracement level will hold or break.
The current support level aligns with a psychological area that has provided buying interest in previous corrections. Weekend price action showed long-tailed candles suggesting buyers stepped in near these levels, though follow-through remains uncertain given deteriorating technical indicators.
Dogecoinโs recent price action reveals a failed attempt to break above long-standing resistance near the 50% Fibonacci level at the psychological $0.25 mark. A downward chain reaction of technical breaks has been created as a result of the bearish reversal pushing DOGE below the 200-day, 100-day, and 50-day EMAs.
