Dogecoin Faces Resistance After Recent Drop, Potential for Recovery or Further Decline

Dogecoin has recently started a new downward trend from the $0.1720 level against the US dollar. Currently, it is consolidating losses and might see a recovery if it surpasses the $0.1580 mark. DOGE broke below the $0.170 and $0.160 support levels and is trading below the $0.160 level along with the 100-hour simple moving average. After failing to clear the early resistance at $0.1720, it declined below $0.160 and even dipped below $0.1450, reaching a low of $0.1427. Although there was some recovery, the price remains below key resistance levels. The immediate resistance is near $0.1550, with stronger resistance at $0.1580 and $0.1610. If DOGE breaks above $0.1610, it could target $0.1720 and potentially move higher toward $0.200 or even $0.2120. Conversely, if it fails to climb past $0.1580, it might fall again, with support levels at $0.1480, $0.1440, and $0.1420, and a possible further decline to $0.1350 or $0.1280. Technical momentum indicators show weakening bearish momentum, but the RSI remains above 50, suggesting some underlying strength.