Dogecoin (DOGE) Struggles Against Resistance at $0.1285, But Signs of a Potential Rebound Are Emerging

The cryptocurrency market has seen significant turbulence recently, with Dogecoin (DOGE) trading at $0.124 as of June 21, 2024.

Dogecoin price analysis for June 21 shows that the meme coin is currently testing crucial support levels and displaying signs of a potential rebound.

Following a downturn in Bitcoin’s price, the meme coin sector, including Dogecoin, has experienced double-digit losses.

Dogecoin price dropped significantly over the past week, but signs of a potential rebound are emerging.

A prominent crypto analyst recently compared Dogecoin’s current market behavior to a previous cycle, where DOGE experienced a 50% retracement before launching into a substantial bullish wave.

This historical pattern is notable as DOGE has once again retraced 50%, indicating a potential repeat of its past bullish trajectory.

The chart also highlights a crucial support area that Dogecoin is currently testing.

This support level has historically acted as a pivot point for bullish reversals.

The chart shows a horizontal line marking this range, suggesting that if Dogecoin holds above this support, a significant upward movement could be imminent in the coming months.

Dogecoin Struggles Against $0.1285 Resistance

Dogecoin is currently facing resistance around the $0.1285 mark.

The recent price action includes a drop below the $0.1250 support level and the 100-hourly simple moving average.

The price also fell below the 23.6% Fibonacci retracement level of the recent upward move from the $0.1129 low to the $0.1285 high.

Despite this, bullish activity is noted near the $0.1220 zone.

A key rising channel or bearish flag pattern has formed with support near $0.1220 on the hourly chart of the DOGE/USD pair.

If Dogecoin rises again, it could face resistance at $0.1260 and then at $0.1285.

Successfully breaking above the $0.1285 resistance might propel the price toward the $0.1350 and $0.1420 levels.

The next significant target for bulls could be $0.150.

Conversely, if Dogecoin fails to surpass the $0.1285 resistance, it may continue its downward trend.

The initial downside support is near the $0.1220 level.

Should this level fail to hold, the next major support is at $0.1185.

A breach below $0.1185 could see the price decline further, potentially towards the $0.1120 level.

According to Coinlore, DOGE’s price could hit $0.1326 in the next ten days, with a long-term forecast of $0.3027 by 2025.

As Dogecoin navigates its current market conditions, investors and analysts are watching closely, anticipating whether historical patterns will repeat and lead to a significant price recovery.

News source：

https://www.kdj.com/cryptocurrencies-news/articles/dogecoin-doge-struggles-resistance-signs-potential-rebound-emerging.html🎜

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