Dogecoin (DOGE) Struggles to Remain Relevant Amid Significant Challenges

Dogecoin has begun a new downturn from the $0.1900 range against the US Dollar. Currently, DOGE is experiencing a correction but may encounter resistance around $0.1750.

• The price of DOGE struggled to breach the $0.200 mark and has since retraced gains.
• It is trading below the $0.180 threshold and under the 100-hour simple moving average.
• A significant bearish trend line is forming, presenting resistance at $0.1740 on the hourly chart for the DOGE/USD pair.
• If the price can surpass the $0.1800 resistance level, it might begin to increase again.

Dogecoin Price Aims for a Rebound

The price of Dogecoin has initiated an upward movement above the $0.1650 resistance, similar to trends seen with Bitcoin and Ethereum. DOGE moved past the $0.1720 and $0.1750 resistance levels before facing selling pressure.

A peak was reached at $0.1920, after which the price entered a fresh decline. It dropped below the $0.180 and $0.1750 marks, hitting a low of $0.1671, and is currently trying to recover. It has moved beyond the 50% Fibonacci retracement level of the decline from the $0.1807 swing high to the $0.1671 low.

Currently, Dogecoin is trading below the $0.180 level and the 100-hour simple moving average. Immediate resistance is present near the $0.1750 level, with a bearish trend line also establishing resistance at $0.1740 on the hourly chart of the DOGE/USD pair.

This trend line coincides with the 61.8% Fibonacci retracement level from the downward move between the $0.1807 swing high and the $0.1671 low. For bullish momentum, the first significant resistance could be around the $0.1840 mark.

The next noteworthy resistance level appears to be around $0.1850. A close higher than $0.1850 could push the price toward the $0.1920 resistance. Any further increases might drive the price to the $0.1980 level, with $0.200 being a significant target for bulls.

Is Another Decline Looming for DOGE?

If DOGE’s price does not rise above the $0.1750 level, it may lead to another downturn. Initial support on the downside can be found near the $0.170 level, with the next substantial support around the $0.1680 mark.

The primary support level is positioned at $0.1600. A drop below this level could result in further declines, potentially heading toward $0.1550 or even $0.1450 in the short term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is currently showing a loss of momentum in the bearish territory.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is above the 50 mark.

Major Support Levels – $0.1700 and $0.1680.

Major Resistance Levels – $0.1750 and $0.1840.