- Dogecoin must hold $0.13 support to avoid further declines.
- RSI at 47.18 indicates neutral momentum, suggesting possible upward movement.
- MACD signals bearishness, but a break above $0.17 could lead to a price surge.
Dogecoin is poised for an eventful week as it navigates through crucial price levels. After recently testing the $0.13 support, the digital asset must maintain this level to avoid a decline. If Dogecoin holds above this key price point, analysts expect it to target higher levels. A close above $0.17 could pave the way for a potential surge toward $0.21 and even $0.29.
Key Support Level at $0.13 and Resistance Levels to Watch
For Dogecoin to sustain its bullish momentum, Ali Charts notes that it must retain its position above the critical $0.13 support. A failure to hold this level could lead to further downward pressure. On the upside, Dogecoin faces resistance at $0.17. A deeper analysis indicates that a clear downward trend is visible from the high of $0.4850, which was followed by significant retracements.
The price reached a low near $0.11, rebounding to the current price of $0.1649. Fibonacci retracement levels show that the price tested the 0.618 level before bouncing, indicating a potential key support zone. The trendline drawn from September 2024 serves as a support level, suggesting that Dogecoin may find stability near this line if the current support holds.
If the price breaks above this level, it could see a push toward $0.21 and $0.29. The market will look for confirmation of continued upward movement as it tests these key resistance points. As the week unfolds, traders are keeping a close eye on Dogecoin’s price action. Maintaining support and overcoming resistance will be crucial for the meme coin’s short-term performance.
Technical Analysis: MACD and RSI indicators
The Dogecoin price analysis presents the technical standpoint with the meme token trading at $0.16375 near $0.17. With these factors assumed to hold support above $0.17, there is potential to reach $0.21 or $0.29 per share. According to the chart, it can be seen that Dogecoin has recently become volatile, but is beginning to trend upwards.
The RSI for Dogecoin stands at 47.18, indicating a neutral market condition. The RSI reading below 50 suggests that the momentum is neither strongly bullish nor bearish. However, it is close to the neutral 50 line, which may imply potential upward movement if buyers take control. When the RSI crosses above 50, it typically signals increasing bullish strength.
Currently, the MACD stands at 0.00176 on the 12-26 MACD line while the signal line is at – 0.00822. This indicates a bearish indicator, as the MACD line is below the signal line and therefore suggests that momentum is currently lowering. Nonetheless, the MACD signal line and histogram continues to trend negative thus implying that one can expect an upward cardinal move if at all the price is going to rise and break through the $0.17 level.
