Dogecoin Price Drops to $0.20 Amid Significant Decline

Dogecoin (DOGE) has experienced a significant decline but is currently recovering. Key resistance levels are identified.

DOGE price fell below $0.2850 and $0.2650 support levels.
The current trading level is below $0.280 and the 100-hourly simple moving average.
A bearish trend line shows resistance at $0.270 on the DOGE/USD hourly chart.
Potential for an increase exists if DOGE clears $0.250 and $0.270 resistance levels.

Price Movement Overview

DOGE started a decline from $0.3250, dropping over 25% to test the $0.20 zone. A low was established at $0.20 before a recovery began.

Current prices are above $0.280 with immediate resistance at $0.250 and major resistance near $0.270, which corresponds with the 50% Fib retracement level from the recent high of $0.3416.

A close above $0.270 could lead to a rise towards $0.2880 and potentially $0.30, with a long-term target around $0.320.

Potential for Further Decline

If DOGE fails to exceed the $0.250 level, another decline may occur. Initial support is at $0.2250, followed by $0.2150, with critical support at $0.20.

A drop below $0.20 could push prices down to $0.1880 or even $0.1650.

Technical Indicators

MACD shows increasing bearish momentum.
RSI is below the 50 level.
Major support levels are at $0.2250 and $0.2150.
Major resistance levels are at $0.2500 and $0.2700.