Dogecoin Faces Key Support Challenge as Price Hovers Around $0.205
A crypto analyst indicates that Dogecoin (DOGE) faces critical support levels. After a rally, DOGE retraced to about $0.22 following resistance at $0.26–$0.28.
Key Support Levels for Dogecoin
- DOGE must hold the support zone between $0.213 and $0.189.
- This zone includes key daily moving averages and the 50% Fibonacci retracement level.
- A failure to maintain this support could lead to a decline towards $0.14–$0.12.
- The rejection at $0.26–$0.28 aligns with historical resistance.
The analyst, Kevin, emphasized the importance of these support levels, stating that maintaining them could lead to a potential bounce back toward previous highs. Community members raised concerns regarding the analyst's shifting outlook on DOGE's position in the market, noting its correlation with Bitcoin's performance.
Currently, DOGE is trading at $0.205, with bullish momentum dependent on holding critical support levels.
