Popular meme coin Dogecoin (DOGE) has been unable to achieve the anticipated surge for some time. Currently, DOGE is struggling to gain momentum above the $0.1540 level, making its future appear uncertain. Dogecoin has recently corrected its gains and tested the $0.150 level against the dollar. Currently, DOGE seems to be forming a base and preparing for a new rise above $0.1520. So, what should investors do in this situation?
DOGE Price in Correction Phase
DOGE price experienced a rapid rise to $0.160 before correcting its gains. However, with the recent correction movement, consolidation occurred above the $0.150 level. We even observe that the price is trading above the $0.150 level. This situation provides some stability in Dogecoin’s short-term outlook.
An important point to consider in technical analysis is the upward trend line formed with $0.1485 support in the four-hour chart of the DOGE/USD pair. This trend line acts as a support point when the price declines and can currently be considered a positive sign.
However, for Dogecoin to start a new rise, the price needs to surpass $0.1540. If this level is exceeded, a new wave of price movement could likely begin.
More Losses Ahead for Dogecoin
Currently, when examining the technical analysis of DOGE, it is indicated that if the price falls below the $0.150 level, more losses could occur. A break below this level could trigger a decline towards the $0.1445 support level. Furthermore, in this case, the price is expected to retreat to the $0.1350 level.
Looking at technical indicators, the four-hour MACD is losing momentum in the bearish zone for DOGE/USD. This situation could indicate a possible price decline. However, the four-hour RSI is currently above the 50 level. This could still indicate a potential price recovery.
Another important point for investors is the resistance levels. The main resistance levels for DOGE/USD are set at $0.1515, $0.1540, and $0.1600. Surpassing these levels could be the start of an upward momentum and a positive sign for investors.
