TLDR:
- DOGE price holds $0.196, a key support aligned with the 0.786 Fibonacci retracement zone.
- $0.2075 remains a critical resistance level for confirming a bullish breakout.
- Whales are accumulating DOGE while retail traders remain cautious during consolidation.
- Losing $0.196 could expose downside targets at $0.1820, $0.1789, and $0.1565.
Dogecoin has been sliding after a strong rally. Price touched $0.2875 before sellers stepped in. Now it trades near $0.2032, fighting to recover.
Traders are watching $0.196 closely because it could decide the next move. For now, the market feels stuck between recovery hopes and the risk of a deeper drop.
Correction Deepens as DOGE Price Battles Resistance
Veteran trader Matthew Dixon noted that Dogecoin has been moving inside a descending channel with lower highs and lows.
#Doge has completed a major impulsive rally up to $DOGE $0.28754.
A clear correction is in progress, with price currently around $0.2017.
Two key Fibonacci retracements and extensions are drawn from both:
the top at $0.2875, and
the smaller correction/rebound structure after the… pic.twitter.com/BKDBCkcvGs— Matthew Dixon – Veteran Financial Trader (@mdtrade) August 5, 2025
He pointed out that price has been unable to reclaim $0.2075, the 0.618 Fibonacci level of the recent move. RSI also sits under 50, showing weak buying pressure despite a small bounce from near-oversold territory.
The near-term support level sits at $0.1962, which aligns with the 0.786 retracement zone. Below that, $0.1820 remains a critical swing low for any bullish recovery to stay alive.
Dixon warned that a break of these levels could pull the price toward $0.1789 or even $0.1565 if selling pressure increases.
Dogecoin Whales Position While Retail Waits
BullifyX observed that larger wallets are still stacking Dogecoin during this correction.
According to their update, many believe the price could stage a strong reversal if $0.2075 breaks with volume. However, short-term momentum remains cautious while price stays capped under key resistance zones.
$DOGE is loading millionaires…
Whales stacking. Charts breaking.
Next stop: $0.70+
Don’t blink the rocket’s about to launch!#DOGE #DogeToTheMoon #MemeSeason pic.twitter.com/Jmllu3XCeQ
— BullifyX (@Bullify_X) August 4, 2025
Data from CoinGecko shows Dogecoin trading at $0.2032, up 0.59% in the last 24 hours but down 11.49% in seven days. Traders see this as a consolidation period, with $0.2230 to $0.2340 acting as the next upside zone if a breakout happens.
Bullish and Bearish DOGE Price Paths Split
If Dogecoin reclaims $0.2075 and holds above $0.196, Dixon mapped three upside targets: $0.2155, $0.2230 to $0.2340, and $0.2460 to $0.2530. These levels would test major structures where sellers previously reacted.
If price rejects from $0.2075 again and loses $0.196, the downside remains open. Targets include $0.1820, $0.1789, and the deeper $0.1565 zone if broader market weakness accelerates.
Dogecoin now trades at a crucial tipping point. Whether whales or retail traders win the fight may soon decide the next big move.
The post DOGE Price Faces Key Test as $0.196 Support Holds the Line appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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