**Dogecoin began a notable decline below the $0.1720 threshold against the U.S. Dollar, mirroring weakness seen across major cryptocurrencies including Bitcoin and Ethereum. The popular meme cryptocurrency subsequently tested the $0.1650 level before showing signs of a potential recovery.**
Technical indicators suggest DOGE is positioning for a possible move toward the $0.180 mark. The cryptocurrency is currently trading above both the $0.170 level and the 100-hourly simple moving average, considered significant benchmarks by market analysts. Notably, a bullish trend line has formed with support established at $0.1680 on the hourly chart of the DOGE/USD pair, according to data from Kraken exchange.
The decline pushed DOGE below several key support levels at $0.1720 and $0.1700 before reaching a low of $0.1646. Since touching this bottom, the cryptocurrency has initiated what appears to be a comeback attempt, successfully moving above the $0.1680 threshold in recent trading.
Bulls managed to drive the price above the 50% Fibonacci retracement level, calculated from the downward movement that began at the $0.1791 swing high and extended to the recent $0.1646 low. This particular technical pattern is closely watched by traders as a potential signal for continued upward momentum.
"The immediate resistance on the upside is near the $0.1755 level," noted technical analysts following the cryptocurrency. This resistance coincides with the 76.4% Fibonacci retracement level of the same downward movement, making it a critical threshold for determining short-term price direction.
Should buyers overcome the immediate resistance, the first major hurdle appears near $0.1780, followed by the psychologically important $0.1800 level. Breaking above this zone could potentially accelerate gains toward $0.1850, with some optimistic projections suggesting a run toward $0.2000 if momentum continues. Technical analysts identify $0.2050 as the next significant target should bullish sentiment strengthen.
The alternative scenario remains equally plausible, however. Failure to breach the $0.1755 resistance could trigger another decline, with initial support positioned near $0.1720 and stronger support at the newly established $0.1680 level. The $0.1650 zone represents what analysts describe as "main support" – a breakdown below this threshold could accelerate losses toward $0.1620 or potentially $0.1550 in the near term.
Technical indicators provide mixed signals regarding short-term prospects. The MACD (Moving Average Convergence Divergence) for DOGE/USD is currently losing momentum in the bearish zone, while the Relative Strength Index (RSI) has managed to climb above the 50 level, suggesting building buying pressure.
Major support levels remain concentrated at $0.1680 and $0.1650, with primary resistance established at $0.1755 and $0.1800. These technical boundaries will likely define trading ranges in the coming sessions as Dogecoin attempts to stabilize following its recent decline.
Market participants remain focused on whether DOGE can capitalize on current momentum to challenge the critical $0.1800 level, which many consider essential for confirming a sustainable recovery pattern. The cryptocurrency's ability to defend newly established support zones will prove equally important for maintaining positive market structure.