DOGE price prediction: Rebound lacks subsequent support, possibly initiating a new round of fall?

According to Gate, recently, the price of DOGE has synchronized with Bitcoin and Ether, starting a rebound above the $0.1450 area. DOGE successfully broke through the resistance levels of $0.1550 and $0.160, with long positions even pushing the price above $0.1650 at one point, reaching a high of $0.1699. However, currently, DOGE is consolidating above the 23.6% Fibonacci retracement level between the fluctuation low of $0.1572 and the high of $0.1699, and the market is closely following whether it can maintain this pump or face a new round of falls.

DOGE Short-Term Price Trend Analysis

(Source: Trading View)

Currently, the price of DOGE is trading above $0.1650 and the 100-hour simple moving average. On the hourly chart of the DOGE/USD pair, a key bullish trend line is forming, with its support level located at $0.1650.

The direct resistance level in the upward direction is around 0.1680 USD. The first major resistance level for long positions may be around 0.1720 USD. The next major resistance level is near 0.1750 USD.

If DOGE's closing price can break through the resistance level of 0.1750 USD, it may push the price towards the 0.180 USD resistance level. If it continues to rise, the price could even challenge 0.200 USD. The next major stop-loss level for long positions may be set at 0.2120 USD.

The Risk of DOGE Falling Again and Key Support Levels

However, the market also carries the risk of DOGE falling again. If the price of DOGE fails to successfully break through 0.1680 USD, it may trigger a new round of decline.

On the downside, the initial support level is near $0.1660, which is around the trendline area. The next major support level is near $0.1620, which is also the 61.8% Fibonacci retracement level of the upward movement from the fluctuation low of $0.1572 to the high of $0.1699.

The main support level is located at 0.160 USD. If the price of DOGE falls below the support level of 0.160 USD, it could trigger further declines. In this case, the price may fall towards 0.150 USD, or even 0.1450 USD in the short term.

Technical Indicator Analysis

Hourly MACD ( Moving Average Convergence/Divergence Indicator ): The MACD for DOGE/USD is currently losing momentum in the bullish zone, suggesting that buying pressure may be weakening.

Hourly RSI ( Relative Strength Index ): The RSI for DOGE/USD is currently above the 50 level, indicating that the market is still in a zone where buyers are dominant, but its momentum changes still need to be closely monitored.

Key support levels: 0.1650 USD and 0.1620 USD.

Main resistance levels: 0.1680 USD and 0.1800 USD.

Conclusion:

DOGE is currently at a critical turning point. Although there has been a recent Rebound, there is still uncertainty about whether it can maintain its pump and break through key resistance levels. Technical indicators suggest that buying momentum may be weakening, and if it fails to hold the key support level, it could open the door for a new round of fall. Investors should closely follow the resistance level of $0.1680 and the main support level of $0.160, as these will be crucial for determining the short-term trend of DOGE.