DOGE (DOGE) has pulled back to the $0.2220 support level, and a short-term rebound requires a breakthrough at $0.2350 | DOGE price prediction

The price of Dogecoin (DOGE) has recently retreated from the $0.250 resistance area, hitting a low of $0.2225, and is currently in a consolidation phase. If it fails to break through the $0.2280 and $0.2350 resistance zones, DOGE may further decline to $0.2050 or lower. This article analyzes the short-term price movement of DOGE and key support and resistance levels in conjunction with technical indicators.

DOGE price retraces to key support zone DOGE began a new round of decline after encountering strong selling pressure in the $0.250 area, with the price consecutively breaking below the $0.2350 and $0.2320 support levels. The current trading price is now below the 100-hour simple moving average.

Looking at the hourly chart of DOGE/USD from CEX, the price is constrained by a bearish trend line that forms initial resistance at $0.2280. At the same time, the current rebound is facing resistance from the 23.6% Fibonacci retracement level (from $0.2486 to $0.2225 downtrend).

Short-term rebound conditions: breaking through $0.2350 and $0.2420 resistance levels If DOGE can break through the initial resistance of $0.2280, the first important resistance level will be $0.2350, corresponding to the 50% Fibonacci retracement level of the falling wave. Further, if it can hold above $0.2420, it is expected to challenge $0.250, and even reach the range of $0.2550 to $0.2650.

These upward targets require cooperation from trading volume and market sentiment, especially in the context of the current macro environment where DOGE is performing relatively worse than Bitcoin and Ethereum.

Downside risks remain, watch the support at $0.2050 and $0.1980 If DOGE fails to effectively break through $0.2280, it will continue to test the support area of $0.2220 and $0.2120 downwards. Once it breaks below the key support of $0.2050, the price may quickly retrace to $0.1980 or even $0.1920, indicating that the downtrend may continue.

technical indicator observation

• Hourly MACD: The MACD momentum of DOGE/USD is still in the bearish range.

• Hourly RSI: The Relative Strength Index is below 50, indicating that selling pressure is dominant.

• Key support levels: $0.2220, $0.2120, $0.2050

• Key resistance levels: $0.2280, $0.2350, $0.2420

  

Conclusion: DOGE is currently in a critical decision zone, breaking through $0.2350 may restart the upward trend, while falling below $0.2050 poses a risk of significant decline. Investors need to pay close attention to technical indicators and the correlation with the market, make rational decisions, and manage risks.