- Dogecoin trades at $0.1675, holding above key support at $0.1656 despite a 4.0% daily drop.
- Price structure shows support along a long-term ascending trendline with resistance near $0.1746.
- Technical setup suggests potential for $0.24 retest if $0.1746 resistance breaks in the near term.
Dogecoin (DOGE) is still holding above the $0.1656 support level, although it had a 4.0% fall in the last 24 hours. The asset is currently trading at $0.1675 against USDT. Its 24-hour high of $0.1746 is a strong resistance zone in the short term.
Market analysts are now carefully observing price action around this support-resistance level, which could decide the direction of the next move. A firm grip above here adds to the potential for a significant price rally to the $0.24 zone, as outlined in the general technical configuration.
Long-Term Trendline Remains Intact Despite Volatility
On the daily chart, DOGE has a very clear ascending trendline since late 2023. The rising support line has always been an area of bounce on corrections. Price action most recently rebounded off the trendline, which coincidentally also lies at the 0.5 Fibonacci retracement level at $0.16.
DOGE previously hit an all-time high of $0.0667 and entered into a long correcting phase. The retracement would appear to have taken temporary support around the 0.382 to 0.5 levels of Fibonacci. This suggests that the overall rising structure is still intact at least in the short term. Price action in recent weeks has honored both the horizontal support level of $0.1656 and the long term rising trendline.
RSI and MACD Indicate Mixed Signals in Short-Term Momentum
Momentum indicators show a mixed picture. The 1-hour RSI currently stands at 46.39, with the signal line at 39.44, both hovering near mid-range levels. This suggests neutral momentum without clear strength or weakness at the moment.
Source: TradingView
According to the 12-26 MACD histogram, there are -28.18M, -97.21M, and -125.39M. These falling values affirm that the bearish trend is still dominating on finer timeframes. However, the lack of deep divergence between the MACD and signal lines may indicate that selling momentum is stabilizing.
Resistance at $0.1746 Defines Immediate Barrier for Further Gains
The current price action of DOGE has been met by immediate resistance at $0.1746, the top of the current 24-hour range. Price action at or above this point may also provide a retest of elevated resistance boundaries, especially around the $0.24 mark, which marks a former swing high in the larger Fibonacci framework.
The broader setup continues to support this potential as long as DOGE holds its long-term ascending trendline. The alignment of horizontal support with diagonal structure presents a tight confluence zone, which may influence near-term market behavior significantly.
