There have been significant changes in Dogecoin’s price movements in recent days. The popular cryptocurrency, after approaching the 0.618 Fibonacci resistance on the weekly chart, reversed its direction and is now trading around the critical 10 cents. Investors, especially those doing technical analysis, closely follow possible support and resistance levels for Dogecoin after this fluctuation in a short time.
Pullback at Fibonacci resistance
Dogecoin price encountered resistance at approximately $0.11825, reaching the 0.618 Fibonacci level frequently used in technical analysis. In the short term, the price gained strength from the 0.786 Fibonacci support at $0.08063 and headed upwards. However, this rise was not permanent and the price started to move downwards again.
Currently, Dogecoin is trading at $0.10429 and is hovering just above the psychologically important 10 cent line. Technical analyst Surf pointed out that this is the main monitoring level. Market commentators state that the 10 cent zone has stabilized the price before and as long as this area is maintained, the latest decline can be considered a healthy correction.
However, if the weekly close is below $0.10, the support around $0.08063 below may come to the fore again. In this case, sellers can increase the pressure, according to Surf. Additionally, the downward trend line from Dogecoin’s past peak was recently broken upwards, creating a positive structure for buyers. However, in order for the price to gain momentum again, the $0.11825 resistance must be overcome.
Critical levels in the short term
Currently, Dogecoin is fluctuating between two important areas: the $0.10 support and the $0.11825 resistance. These levels seem to be decisive in the direction of the price in the short term. If it cannot stay above 10 cents, it is possible to see a movement towards lower support points.
Dogecoin experts emphasized in their latest analysis that “If Dogecoin holds above $0.10, the current correction process can be considered a healthy retreat; otherwise, downside risks will increase.”
Watch out for $0.278 in the long-term structure
Signs of recovery stand out in long-term charts. In the weekly Coinbase chart published by Celal Küçüker, a technical analyst in the crypto market, it is stated that a horizontal and slightly upward curved recovery formation has formed in Dogecoin. On this chart, the first major resistance area stands out at $0.27855. The expert notes that the $0.08779 level is the main support point after the last decline.
According to the sloping accumulation model seen on the chart, in order for Dogecoin to start a more permanent uptrend, it must first clearly break the $0.27855 resistance and complete the weekly close above this level. When this threshold is exceeded, the possibility of approaching 1 dollar as a target may come to the fore.
However, experts state that in this scenario, Dogecoin must first hold on to the current support and then surpass $0.27855. To achieve the 1 dollar target, these steps must be completed first. The current technical outlook is in a recovery pattern; A definitive confirmation of the rise has not yet occurred.
How Dogecoin will move in the coming period and what levels investors will focus on will depend on the price struggle between these two main areas.
