Dogecoin Holds Above Support Despite 4.0% Decline

Dogecoin is currently trading at $0.1675, maintaining its position above the crucial support level of $0.1656 despite a 4.0% decline over the past 24 hours. The cryptocurrency's price structure reveals a long-term ascending trendline, with resistance situated near $0.1746. This technical setup suggests that if the resistance at $0.1746 is breached in the near term, there is potential for Dogecoin to retest the $0.24 level.

Market analysts are closely monitoring the price action around this support-resistance level, as it could determine the direction of the next significant move. A strong hold above the support level could pave the way for a substantial price rally towards the $0.24 zone, as indicated by the overall technical configuration.

On the daily chart, Dogecoin has maintained a clear ascending trendline since late 2023. This rising support line has consistently acted as a bounce area during corrections. The recent price action rebounded off this trendline, which also aligns with the 0.5 Fibonacci retracement level at $0.16. This suggests that the overall rising structure remains intact in the short term. Recent price movements have respected both the horizontal support level of $0.1656 and the long-term rising trendline.

Dogecoin previously reached an all-time high of $0.0667 and entered a prolonged correcting phase. The retracement found temporary support around the 0.382 to 0.5 levels of the Fibonacci sequence, indicating that the overall rising structure is still intact in the short term.

Momentum indicators present a mixed outlook. The 1-hour Relative Strength Index (RSI) stands at 46.39, with the signal line at 39.44, both hovering near mid-range levels. This suggests neutral momentum without clear strength or weakness at the moment. The 12-26 Moving Average Convergence Divergence (MACD) histogram shows falling values, affirming that the bearish trend is still dominant on finer timeframes. However, the lack of deep divergence between the MACD and signal lines may indicate that selling momentum is stabilizing.

The current price action of Dogecoin is met with immediate resistance at $0.1746, the top of the current 24-hour range. Price action at or above this point may provide a retest of elevated resistance boundaries, particularly around the $0.24 mark, which marks a former swing high in the larger Fibonacci framework. The broader setup continues to support this potential as long as Dogecoin holds its long-term ascending trendline. The alignment of horizontal support with diagonal structure presents a tight confluence zone, which may significantly influence near-term market behavior.