Dogecoin recovered losses and climbed above $0.1750. DOGE price now faces resistance at $0.220 and remains at risk of downside break.
Dogecoin Price Faces Uphill Task
After a nasty decline, Dogecoin price found support near $0.085. Like Bitcoin, it recovered most losses and climbed back above the $0.1750 pivot level. More importantly, the price remained above a key bullish trend line with current support at $0.1680 on the daily chart.
The price recovered above the 61.8% Fib retracement level of the main decline from the $0.2701 swing high to the $0.0831 low. However, the bears are active near the $0.2120 and $0.220 levels.
Dogecoin is now consolidating below the $0.20 pivot level and the 50-day simple moving average. The current price action is bearish, and another decline is possible. Immediate support on the downside is $0.1880. The next significant support sits near $0.1760.
The main breakdown support sits near the trend line at $0.1680. If the bulls fail to defend $0.1680, the price might accelerate lower and drop toward $0.1440. The first primary target for the bears could be $0.1280.
A downside break and close below $0.1280 might spark heavy bearish moves and call for a test of the $0.10 region. Any more losses might send DOGE to $0.0850.
Another Bounce In DOGE?
If the trend line support holds, Dogecoin could attempt another increase. Immediate resistance on the upside is $0.1980. The first major hurdle sits at $0.20. A close above $0.20 could send DOGE to $0.2260. It is close to the 76.4% Fib retracement level of the main decline from the $0.2701 swing high to the $0.0831 low.
To remain in a bullish zone and increase bullish pressure, the price must be above $0.2260. The price could rally and test $0.240 in the stated case since it coincides with the 50-day simple moving average.
The next key target might be $0.250. Any more gains might send the price toward the $0.2620 hurdle in the coming days.
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Overall, DOGE is consolidating above $0.1880 and $0.1680. The price must be above $0.20 and $0.2260 to start a fresh increase. If not, DOGE could trim gains and revisit $0.1440.