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After Dogecoin struggled to break through $0.210, some of its gains against the US dollar have retraced, and is currently in a consolidation phase, with a risk of falling below $0.1980 in the short term.
Dogecoin price is on a correction After previously closing above $0.1920, Dogecoin launched a rally in tandem with Bitcoin and Ethereum. The bulls pushed the price above the $0.20 resistance and briefly broke through $0.2020 and $0.2050. After reaching a high of $0.2094, the price began to correct. The price is currently trading below the 23.6% Fibonacci retracement level of the upward move from the $0.1843 low to $0.2094 high. Meanwhile, on the hourly chart, we can see that the contracting triangle with support at $0.20 was broken, with the price back below $0.20 and below the 100 hourly simple moving average. If there is a short-term rebound, the first level of resistance is near $0.2020. Subsequently, $0.2050 is the first major level of resistance that bulls will need to focus on. Stronger resistance lies at $0.210, and once the price settles above this level, a further push towards $0.2150 is expected. If the upward momentum continues, the target may be towards the $0.2250 or even $0.2320 area. Will DOGE continue to fall? If Dogecoin fails to regain above $0.2020, it may continue to test lower. Initial support on the downside is $0.1970, near the 50% Fibonacci retracement level of the upward move from the $0.1843 low to $0.2094 high. The next key support is near $0.1935. The main support area is at $0.190. If this position fails, the decline may intensify, and the short-term target may point to $0.1840 or even $0.1780. Technical indicators:
Key levels:
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