Dogecoin (DOGE) Eyes a Comeback—Is It Ready?
Dogecoin (DOGE) recently dipped below $0.1720 against the US Dollar but is now testing support at $0.1650 while attempting to rebound toward $0.1800.
DOGE declined below $0.1750 and $0.1720 before finding support.
The price is currently above $0.1700 and the 100-hour simple moving average (SMA).
A bullish trend line is forming on the hourly DOGE/USD chart, with support around $0.1680 (Kraken).
A breakout above $0.1750 and $0.1800 could trigger further gains.
Can DOGE Recover?
Following Bitcoin and Ethereum’s decline below $0.1750, DOGE also dropped, falling below $0.1720 and briefly spiking under $0.1650. After reaching a low of $0.1646, it is now attempting a recovery, climbing back above $0.1680. Bulls have managed to push the price past the 50% Fibonacci retracement level of the $0.1791 swing high to the $0.1646 low.
DOGE remains above $0.1680 and the 100-hourly SMA, with a bullish trend line providing additional support. On the upside, immediate resistance is at $0.1755, aligning with the 76.4% Fibonacci retracement of the recent decline. The first key hurdle for bulls is around $0.1780, followed by a more significant resistance at $0.1800.
A sustained break above $0.1800 could open the door for a rally toward $0.1850, with further gains potentially pushing the price to $0.2000 or even $0.2050 in the near term.
Will DOGE Face More Losses?
If DOGE fails to clear the $0.1755 resistance, it could see another pullback. Initial support lies at $0.1720, followed by stronger support near $0.1680.
The critical support level to watch is $0.1650. A break below this level could lead to further declines, with the price potentially dropping to $0.1620 or even $0.1550.
Technical Indicators
MACD (Hourly): Losing momentum in the bearish zone.
RSI (Hourly): Above 50, signaling bullish momentum.
Key Support Levels: $0.1680, $0.1650.
Key Resistance Levels: $0.1755, $0.1800.
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