Dogecoin (DOGE) price recently fell back to $0.1701, down over 20% from the June high of $0.2135, and is currently testing the key support level of $0.1600-$0.1670. This level has stabilized multiple times in historical corrections, and combined with the latest movements in technical indicators and on-chain data, shows early signals of a potential short-term rebound.
Technical indicators: RSI divergence and MACD flattening suggest momentum reversal.
The Relative Strength Index (RSI) shows bullish divergence: despite the DOGE price making lower lows, the RSI has formed higher lows, currently at 35.90, indicating a weakening of the selling momentum and a potential bottoming rebound.
At the same time, although the MACD indicator is in the negative zone, the histogram continues to narrow, indicating a flattening momentum. If the price stabilizes, a bullish crossover may further confirm the rebound trend.
On-chain data: $35 million net outflow supports bullish sentiment.
According to CoinGlass data, over $35 million in DOGE has flowed out of centralized exchanges in the past 48 hours, with a net outflow of $3.36 million on June 19 alone. This large-scale withdrawal typically reflects investors moving to self-custody, indicating a long-term holding intention, easing the selling pressure on key support levels and providing support for a rebound.
Key levels to watch.
If Dogecoin (DOGE) maintains above $0.1600, the next resistance level will be between $0.2050 and $0.2100. A breakthrough of that resistance may further push past the previous high of around $0.2550 to $0.2600.
A daily closing price below $0.1600 would invalidate the setup and open space for $0.1400.
