Dogecoin Recovers to $0.17 — But Is the Momentum Slowing Down?

After many fluctuations in the short term, Dogecoin (DOGE) has bounced back above the $0.160 mark against the Dollar, providing a positive signal for investors. However, technical indicators suggest that the upward momentum may be facing obstacles and DOGE may need additional impetus to maintain this trend. Price Increase and Important Support Level In recent trading hours, Dogecoin has bounced back from the support zones of $0.1520 and $0.1600. The coin is currently trading above $0.1620 and the 100-hour SMA (, indicating that the upward trend is still being maintained. On the hourly chart ) of the DOGE/USD pair, a clear upward trend line can be observed with support located at the $0.1650 area. This is an important support level that needs to be maintained if DOGE wants to sustain its bullish structure in the short term. The Nearest Resistance Levels Just above the current level, Dogecoin is facing initial resistance at $0.1680. If it can break through this area, DOGE may target the next resistance level at $0.1720 — this is considered an important barrier for the next trend of this meme coin. If there is a strong breakout above $0.1750, the short term target could be $0.1800, and even further to $0.2000. In the most positive scenario, the price level of $0.2120 will be the potential target for the bulls if the capital continues to flow strongly into DOGE. Will the Downtrend Return? However, if Dogecoin cannot maintain above the threshold of $0.1680, selling pressure may return. The nearest support currently lies at the trend line of $0.1660, followed by the level of $0.1620 — corresponding to the 61.8% Fibonacci retracement from the increase of $0.1572 to $0.1699. If DOGE breaks below the strong support area of $0.1600, it is highly likely that the price will drop further to the area of $0.1500, even returning to the level of $0.1450 in the short term. Technical Indicators MACD (Moving Average Convergence Divergence) on the time frame is showing signs of losing upward momentum, indicating that buying pressure may be weakening.RSI (Relative Strength Index) remains above the 50 level, indicating that the trend still leans towards the buyers. Conclusion Dogecoin is in an accumulation phase after a short term increase, and the market is waiting for a strong push to break through the resistance area of $0.1680. If successful, the price could continue to climb to higher levels such as $0.1750 and $0.1800. However, if it cannot maintain support at $0.1650 and especially at $0.1600, DOGE risks reversing in the short term. Investors should closely monitor key support - resistance areas and signals from technical indicators to make reasonable trading decisions.