Dogecoin Faces Resistance Below $0.210 Amid Potential Downside Correction

Dogecoin is currently exhibiting a downside correction against the US Dollar, having struggled to maintain its position above $0.210. Here are the key points:

DOGE price initiated a downward correction below $0.2035.
The price is trading under the $0.20 level and the 100-hourly simple moving average.
A break occurred below a contracting triangle with support at $0.20 on the DOGE/USD hourly chart.
If the price holds above $0.1940, it may aim for a renewed increase.

Market Dynamics

Dogecoin started recovering after stabilizing above $0.1920, similar to Bitcoin and Ethereum, breaking through the $0.20 resistance. The bulls pushed the price to a high of $0.2094 before a correction began.

Currently, Dogecoin is trading below the $0.20 mark and its 100-hourly simple moving average, following a break below a contracting triangle support.

Dogecoin Price

Potential Scenarios

Upside Potential: Immediate resistance is near $0.2020, with major resistances at $0.2050 and $0.210. A breakthrough could drive the price to $0.2150 or even $0.2250.
Downside Risk: If unable to surpass $0.2020, DOGE might correct downwards. Initial support lies at $0.1970, with significant levels at $0.1935 and $0.190. Further declines could target $0.1840 or $0.1780.

Technical Indicators

MACD: Gaining momentum in the bearish zone.
RSI: Positioned below the 50 level.
Support Levels: $0.1970, $0.1935.
Resistance Levels: $0.2020, $0.2050.