Dogecoin (DOGE) Price Plunges 4% to $0.1729, as the Crypto Market Drops 1% to $2.89T

The Dogecoin price (DOGE) has plunged a whopping 4% to $0.1729 in the past 24 hours, as the crypto market as a whole drops 1% to $2.89T.

The price of Dogecoin (DOGE) has dropped by 4% in the past 24 hours, to trade at $0.1729 at the time of writing. The crypto market as a whole has also seen a 1% decrease in the past 24 hours, with the total market cap now standing at $2.89T.

Dogecoin has been trading at a strong support level of $0.16, as bulls attempt to recover the meme coin. A breakdown of this support could open the door for further declines towards $0.1550 or lower.

At the moment, stability in the $0.1650 range seems to be holding, but any breaches could have significant implications.

Cryptocurrency traders are closely watching to see if Dogecoin can sustain its position above the support area at $0.1650. A failure to maintain support at this level might lead to additional price falls, aiming for the next support at $0.1550 or lower levels. Conversely, if DOGE manages to stay above the support, it could pave the way for a potential breach of the resistance zone at $0.1800.

The bulls need to push Dogecoin past the resistance zone at $0.1800 to gain control. This price point has presented major resistance to the coin's price in recent trading dynamics. Many market participants are waiting at current price levels to see if Dogecoin will initiate an upward breakout or if the sellers will intervene to drive the price lower.

Dogecoin Technical Indicators Suggest a Potential Upside

The RSI and MACD indicators should be crucial for traders who want to assess how the price of DOGE might move. The RSI currently showcases a slight retracement, sitting at 54.34. However, there is still more room for the upside before the meme coin is considered overbought.

Moreover, the bullish MACD indicator calls for traders to rally behind DOGE. Moving beyond $0.1800 will create opportunities for Dogecoin to grow its price. On the next resistance at $0.1850, DOGE establishes a position, and the coins may attempt to hit the $0.1920 level. Traders may achieve added profits if the meme coin maintains positive momentum and reaches the $0.200 price point.

Any continued upward movement from Dogecoin depends heavily on the strength of the resistance it encounters because $0.1650 stands as its main support for an upward trajectory. The anticipated price jump from $0.1650 requires traders to recognize potential bearish market moves.

If the $1800 resistance key proves too strong, the dog-themed meme coin risks a new price decrease. Two vital support zones for monitoring are $0.1720 and $0.1705. If prices surpass the current support levels, the accelerating downturn will reach the $0.1550 region.

The post Dogecoin Price Analysis: Will DOGE Extend Recovery From $0.16 Support? appeared first on Benzinga.com.