Dogecoin Price Analysis: Faces Resistance Near $0.1650 Amid Recovery Attempts

Dogecoin (DOGE) recently started a fresh decline below the $0.180 zone against the US Dollar. The price has been trading below the $0.170 level and the 100-hourly simple moving average, indicating bearish momentum. Currently, DOGE is correcting some of its losses but may face hurdles near the $0.1650 resistance level.

### Recent Price Action

Dogecoin began its decline after closing below the $0.20 mark, following similar movements seen in Bitcoin and Ethereum. The price slipped below key support levels at $0.180 and $0.1720, even dropping past $0.1650 at one point. A low was formed near $0.1535 before the price attempted a recovery wave.

During this recovery, DOGE moved above the 23.6% Fibonacci retracement level of the downward swing from the $0.1776 high to the $0.1535 low. However, bears remained active near the $0.1620 resistance area. Additionally, a bearish trend line with resistance at $0.1650 was forming on the hourly chart (data source: Kraken). This resistance is close to the 50% Fibonacci retracement level.

### Resistance and Support Levels

Currently, Dogecoin is trading below $0.1620 and the 100-hourly simple moving average. If the recovery wave continues, immediate resistance can be expected near $0.1640, followed by major resistance at $0.1650. Further resistance lies at $0.170 and $0.180, with a potential upside target of $0.1840. The significant psychological resistance remains at the $0.20 level.

On the downside, if DOGE fails to surpass the $0.1650 resistance, it may resume its decline. Initial support is located near $0.1550, with stronger support at $0.1500 and the main support at $0.1380. A break below $0.1380 could push the price further down toward the $0.1200 level or even $0.1050 in the near term.

### Technical Indicators

– **Hourly MACD:** Currently gaining momentum in the bullish zone, suggesting potential upward momentum.
– **Hourly RSI (Relative Strength Index):** Positioned above the 50 level, indicating mild bullish strength.

### Summary

– **Major Support Levels:** $0.1550 and $0.1380
– **Major Resistance Levels:** $0.1650 and $0.1700

Investors should watch the $0.1650 resistance level closely, as a sustained break above it could signal a shift in momentum toward higher resistance points. Conversely, failure to breach this level may result in further downside pressure on DOGE.

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