As of now, Dogecoin (DOGE) is trading at $0.1711 after a 1.74% decrease

This recent decline may be attributed to profit-taking and overall market uncertainty. Additionally, the coin's 13.17% decrease over the last 30 days

Dogecoin (CRYPTO: DOGE) is currently trading at $0.1669 after a 1.74% decrease in the last 24 hours. This recent decline may be attributed to profit-taking and overall market uncertainty.

Here's a closer look at what happened with Dogecoin and what traders need to know about the recent price action:

What Happened: As of press time Monday morning, Dogecoin is trading at $0.1669 after a 1.74% decrease in the last 24 hours. The coin’s price has decreased by 13.17% over the last 30 days.

Dogecoin’s recent decline may be attributed to profit-taking and overall market uncertainty. The digital asset has seen significant gains in recent months, but it appears that some traders may be booking their profits as the market mood has soured.

The cryptocurrency is also known for its high liquidity and large trading volume, which continues to attract traders. This makes Dogecoin a popular asset for both short-term traders and long-term holders.

Related: Is It Too Late To Buy Dogecoin?

Dogecoin Price Analysis: According to recent price action analysis, Dogecoin has been contained within a descending channel over the last several weeks. The upper boundary of this channel, located approximately between $0.170 and $0.175, serves as immediate resistance for the traders. If Dogecoin can break above this resistance with significant trading volume, it might indicate the start of an upward reversal.

However, if the price falls below the lower boundary, which is around $0.160, further declines could be expected. The Relative Strength Index (RSI) for Dogecoin is currently around 50, which places the coin in a neutral state. This neutral reading suggests that Dogecoin is neither overbought nor oversold, leaving room for a decisive move in either direction.

An RSI reading above 60 would signal growing bullish momentum, while a drop below 40 indicates increasing bearish pressure. On shorter timeframes, the Moving Average Convergence Divergence (MACD) shows early signs of bullish convergence, hinting that buyers may be starting to regain control.

Yet, on the daily chart, the MACD remains mixed, reflecting uncertainty in the broader trend. A confirmed bullish crossover on the daily MACD would be a strong signal that upward momentum is picking up. The primary support level for Dogecoin is around $0.160–$0.165. This range has historically served as a floor during market corrections, and holding this support is vital for a potential rebound.

The immediate resistance is observed between $0.170 and $0.175. A sustained move above this resistance, especially on strong volume, could signal a bullish reversal, potentially pushing the price to target levels in the $0.180–$0.185 range in the short term.

If Dogecoin breaks above its resistance zone of $0.170–$0.175 on high volume, it could trigger a bullish breakout. In this scenario, the price might rally to target levels between $0.180 and $0.185.

The confirmation of a bullish move would come from the RSI increasing above 60 and a bullish MACD crossover on the daily chart, along with a significant rise in trading volume. If market sentiment remains mixed, Dogecoin may continue to trade within a consolidation range between $0.160 and $0.175.

This suggests that buyers and sellers are currently in equilibrium, with the market awaiting a clear directional catalyst. During this phase, the price is likely to hover near its current level of $0.1711, providing a stable base for long-term investors to accumulate positions.

However, should Dogecoin fail to hold its support around $0.160–$0.165, the price could experience further declines. In a bearish scenario, Dogecoin might drop to around $0.155–$0.160 if the downtrend accelerates.

A falling RSI below 40 and a bearish MACD crossover on the daily chart would confirm that selling pressure is intensifying. Investing in Dogecoin, like all cryptocurrencies, comes with risks due to its volatile and speculative nature. It is crucial for investors to conduct their own research, stay informed of market developments, and consult with financial advisors before making any investment decisions.

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