Dogecoin Price Nears Key Support: Will Bulls Hold $0.17 or More Losses Ahead?

• Dogecoin stays above $0.17, with a potential rebound toward $2.74. A drop below could lead to further losses.
• Bearish momentum persists, with $0.175 and $0.138 as key support levels that could influence the next price move.
• Traders look at DOGE closely because how it reacts to the support levels will determine whether it stabilizes or keeps plummeting.

Dogecoin’s price is near a critical support level, and traders are waiting for a potential move. Market sentiment indicates both higher and lower possibilities, depending on price action here.

Long-Term Market Trends

Ali Charts observations notes that Dogecoin has followed a steady upward trend since 2015, moving within a defined channel. A sharp breakout in early 2021 pushed the price near $0.70 before it retraced to the 0.618 Fibonacci level. Since then, DOGE has remained within the channel, forming higher lows.

While tracking the market movements, recent price action shows DOGE trading around $0.19, still above the median trendline. Holding support at $0.17 could lead to a rally toward $2.74. However, if the price falls below this level, further declines toward the lower boundary may follow.

Short-Term Market Reactions

Trader Tardigrade pointed out that Dogecoin’s daily timespan indicates a bearish trend, with price action making lower highs and lower lows. A recent drop brought the price to near $0.195, an area that had acted as support in past consolidations.

He mentions that Key support levels of $0.175 and $0.138 have been responsible for past price rebounds. A drop below these levels can cause further drops, and a rebound may push DOGE to $0.25.
Dogecoin’s price is at a crossroads, with the traders considering its next move. A steep rebound would indicate a turnaround, but additional losses might establish a downtrend. Subsequent trading sessions will determine whether the price stabilizes or drops further.