Dogecoin (DOGE) Weak Rebound Attempts, Signaling Struggle to Mount Recovery
Overview
Dogecoin has recently experienced a decline below the $0.180 mark against the US Dollar, suggesting ongoing struggles in its price recovery. The cryptocurrency is currently attempting to correct some of its losses but faces significant resistance levels that may hinder its upward movement.
Current Price Action
Dogecoin began a new decline after closing below the $0.20 threshold, mirroring similar trends observed in major cryptocurrencies like Bitcoin and Ethereum. The price fell below the $0.180 and $0.1720 support levels before dipping even further to around $0.1535. Following this decline, Dogecoin made an attempt at recovery, briefly surpassing the 23.6% Fibonacci retracement level of the downward movement from the $0.1776 swing high to the $0.1535 low.
However, resistance emerged as the price approached the $0.1620 mark, where bearish sentiment was prevalent. A bearish trend line is forming with a critical resistance point at $0.1650 on the hourly chart for the DOGE/USD pair. This level is close to the 50% Fibonacci retracement level for the same downward move.
Currently, Dogecoin is trading below the $0.1620 level and the 100-hourly simple moving average. If a recovery occurs, immediate resistance is anticipated near the $0.1640 level, with the first major resistance for bulls set at $0.1650, followed by $0.170. A close above the latter could potentially lead to a rally towards the $0.180 resistance.
Potential Downside Risks
Should Dogecoin fail to break through the $0.1650 resistance level, further declines could be expected. Initial support on the downside is near $0.1550, with the next significant support level at $0.150. The main support is identified at $0.1380, and a breakdown below this level could result in additional losses, possibly sliding towards $0.120 or $0.1050 in the near term.
Impact on the crypto market
- Dogecoin’s struggle to maintain price levels may reflect broader bearish trends in the cryptocurrency market.
- Resistance levels at $0.1650 and $0.170 could influence trader sentiment and market dynamics.
- Continued declines below key support levels may trigger further sell-offs, impacting market liquidity.
- The performance of Dogecoin could serve as a barometer for altcoin trends amidst major cryptocurrencies like Bitcoin and Ethereum.
- Technical indicators such as MACD and RSI suggest mixed signals, indicating uncertainty in market direction.
Updated: 11/17/2025, 5:24:11 AM
