• Dogecoin is trading at a critical level near $0.17508, with key support at $0.17019 determining its next move.
• A breakout above $0.17919 could signal a strong uptrend, while a drop below support may lead to further declines.

Dogecoin (DOGE) is currently navigating a crucial price zone, trading at $0.17508 after facing rejection at the $0.17919 resistance level. The recent pullback has raised concerns among traders, as DOGE struggles to sustain its momentum above the ascending triangle pattern on the 1-hour chart. With selling pressure mounting, all eyes are on the $0.17019 support level, which could dictate the meme coin’s next major move.

Key Resistance and Support Levels

Resistance Levels:

• $0.17750 – A key short-term resistance level; breaking above this could ignite renewed bullish momentum.
• $0.17919 – A crucial resistance zone that has repeatedly rejected DOGE’s price. A decisive move above this level could confirm a long-term uptrend.

Support Levels:

• $0.17019 – The immediate support zone where buyers may attempt to reassert control.
• Ascending Triangle Lower Line – A significant trend line that, if broken, could intensify selling pressure and lead to further losses.

Bearish Scenario: Possible Downside Risks

If DOGE fails to hold the $0.17456 support level, increased selling pressure could push the price towards the lower trend line of the ascending triangle. A breakdown below this structure would signal a strong bearish shift, heightening the risk of a deeper decline. Such a move could lead to extended losses, shaking investor confidence and possibly driving Dogecoin towards lower support zones.

Bullish Outlook: Potential for a Rally

On the flip side, if DOGE maintains support at $0.17456 or bounces from the trend line, buyers may regain strength. This could propel DOGE back toward the $0.17750 resistance zone. A successful breakout above $0.17919 would confirm a bullish continuation, setting the stage for further gains. Breaking this level decisively could trigger a sustained rally, benefiting both short-term traders and long-term investors.

A Pivotal Moment for DOGE

Dogecoin is at a critical juncture, with key support and resistance levels dictating its next move. A bounce from current support levels could fuel a bullish breakout, while failure to hold these zones may result in deeper declines. Traders should closely monitor these price levels to anticipate DOGE’s next significant move in the market.