Dogecoin has begun a new decline from the resistance area at $0.2120, showing weakness compared to Bitcoin and Ethereum in recent sessions. Currently, Dogecoin is undergoing an accumulation phase under selling pressure and is at risk of further decline if it fails to maintain the important support area at $0.1940.
Recent price movements
DOGE dropped from $0.2120 and fell below key support levels at $0.2050 and $0.2000.
The drop broke the 50% Fibonacci retracement level of the bullish move from $0.1886 to $0.2112.
On the hourly chart, a descending channel is forming with resistance near the $0.2000 level.
The price is currently below the $0.1980 level and the 100-hour simple moving average, indicating a bearish bias.
Important resistance areas
First resistance: $0.2000 - If DOGE breaks this area, a short-term bullish signal may appear.
Next resistance: $0.2050 – this is the main barrier preventing DOGE from reversing.
Strong resistance: $0.2120 - Above this level, DOGE may move towards $0.2250 then $0.2350, and even $0.2500.
Important support areas
Nearest support: $0.1940 – coincides with the 76.4% Fibonacci retracement level.
Next support: $0.1880 - If this level is broken, selling pressure will increase sharply.
Key support: $0.1750 - Losing this area could pull DOGE down to $0.1680 or $0.1620.
Technical signals
MACD (time frame): Increase in the negative area → sellers still have the upper hand.
Relative Strength Index (RSI): Below 50 → bearish momentum is still strong.
Text for DOGE
Bullish scenario: The $0.2050 level must be broken and held above, targets $0.2120 → $0.2250 → $0.2350.
Bearish scenario: If it fails to surpass $0.2050 and breaks $0.1940, DOGE could continue to drop to $0.1880 → $0.1750.