Dogecoin Faces Critical Support Level at $0.19 as Market Eyes Next Move
Dogecoin is at a critical technical juncture in June, with key support levels highlighted by analysts Kevin and Cantonese Cat.
Key Support Levels
- Critical range between $0.1901 and $0.1839 identified.
- Anchored by the 50% Fibonacci retracement from May 11 surge ($0.2597).
- Overhead resistance near $0.1976 and $0.2005 (0.618–0.65 Fibonacci levels).
- A daily close below $0.1839 could lead to a drop to $0.1694 or lower.
- A sustained bid above $0.190 could indicate potential upside towards $0.2117.
Inverse Head and Shoulders Pattern
- Cantonese Cat links the support area to an inverse head-and-shoulders pattern.
- Neckline between $0.187 and $0.194 must hold to maintain bullish momentum.
- A breach below this level may shift momentum to bearish traders.
Long-Term Outlook
- Monthly chart shows Dogecoin trading within a $0.16 to $0.42 range.
- In the context of a primary bullish trend with higher highs and higher lows.
- Breakout expected once control is established, potentially moving 26 cents from the current range.
- Resistance at $0.20 has implications for further upward movement towards $0.25-$0.26.
As of now, DOGE trades at $0.19211, with its immediate direction dependent on maintaining critical support levels. Analysts agree that the next few days are crucial for determining its trajectory.
