By Nermeen Nabil Khear 
TLDR
- DOGE price has declined over 20% in the past week, trading around $0.176
- Analyst suggests $0.16 is a critical support level within a long-term ascending channel
- If support holds at $0.16, a potential rally to $2 could follow according to one analyst
- Currently trading below $0.1750 and the 100-hourly simple moving average
- Immediate resistance is near $0.1620, with major resistance at $0.1680 and $0.1720
Dogecoin has been facing heavy pressure in the market recently, dropping over 20% in the past seven days. The popular meme cryptocurrency is now trading around $0.176, having tested lower levels near $0.144 during its recent decline.
The price started falling below several key levels. DOGE broke below the $0.2000 zone first, then continued dropping past $0.1850 and $0.1680 support levels.
During this decline, the price even dipped below $0.1620 at one point. A low point was reached at $0.1440, and the market is now in a consolidation phase.
DOGE Price
Some recovery has been seen above the $0.1500 level. Bulls managed to push the price above the 23.6% Fibonacci retracement level of the recent downward move.
Currently, Dogecoin is trading below both the $0.1850 level and the 100-hourly simple moving average. This indicates bearish short-term sentiment in the market.
The immediate resistance on the upside appears near the $0.1620 level. This corresponds to the 50% Fibonacci retracement level of the recent decline from $0.1809 to $0.1440.
A bearish trend line has formed on the hourly chart with resistance at $0.1680. This represents a key level that bulls need to overcome for further recovery.
If the price successfully breaks above the $0.1680 resistance, the next target would be around $0.1720. A daily close above this level could potentially send the price toward $0.1850.
From a long-term perspective, an interesting pattern has emerged. Analyst Ali Martinez has identified a decade-long ascending channel in Dogecoin’s weekly price chart.
The lower bound of this ascending channel sits at approximately $0.16. This makes it a critical support level that traders are watching closely.
Martinez suggests that if Dogecoin can hold this $0.16 level and bounce from it, a move to $2 could follow. This target is roughly aligned with the middle line of the long-term ascending channel.
However, if DOGE fails to maintain support at the $0.16 level, further decline may occur. Initial support below current levels would be near $0.150, followed by $0.1450.
The main support sits at $0.1420, according to technical analysis. A break below this level could trigger additional selling pressure, potentially pushing the price toward $0.1350 or even $0.1250.
The cryptocurrency is clearly at a decision point. Either it will find support at the lower bound of its long-term ascending channel and potentially rally, or it will break down and continue its bearish trend.
For now, traders are watching the $0.16 level closely for signs of a potential reversal or continuation of the current downtrend.
The post Dogecoin (DOGE) Price: Weekly Decline Exceeds 20% as Key Support Level Nears appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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