Dogecoin Rises 1.23% But Faces Key Support Test

Dogecoin (DOGE) is currently valued at $0.1679, reflecting a 1.23% increase over the past 24 hours. Despite this modest gain, the overall market sentiment remains uncertain. DOGE is trading below both the 200 Exponential Moving Average (EMA) and the ascending trendline on the 1-hour chart, indicating that sellers still have the upper hand. This suggests that until buying momentum strengthens, the price may continue to face downward pressure, potentially testing lower support levels.

The $0.1628 support level is crucial for DOGE’s short-term price action. This level has historically acted as a strong demand zone, leading to multiple rebounds. If buyers aggressively step in at this point, DOGE could recover toward $0.1800, a critical resistance level. A breakout above $0.1800 would signal growing bullish strength, potentially triggering a longer-term uptrend. Conversely, if $0.1628 fails to hold, DOGE could experience a sharper decline. The next significant support lies at $0.0148, and a move toward this level would suggest an extended bearish phase. A drop below $0.0148 could further weaken market confidence, leading to prolonged downside movement.

In the bullish scenario, if DOGE finds support at $0.1628 and buyers regain control, a push toward $0.1800 could follow. Breaking above this resistance may shift market sentiment in favor of an uptrend. In the bearish scenario, failure to hold $0.1628 could lead to further selling, with DOGE potentially dropping to $0.0148 before attempting a rebound.

Traders should closely monitor the $0.1628 and $0.1800 levels, as they will determine DOGE’s next significant move. Until a decisive breakout or breakdown occurs, market conditions remain uncertain. Waiting for confirmation before taking positions could help reduce risks in this volatile environment.