The Dogecoin price has generally followed the trajectory of other altcoins relative to Bitcoin and has seen deeper declines compared to the pioneer cryptocurrency. These declines have left the leading meme coin by market cap in the red, pushing it back down to levels not seen since 2023. As a result, the Dogecoin price is now in a precarious position where it needs to make a major move or DOGE investors risk more decline as the altcoin struggles to find support.
Next Trajectory For The Dogecoin Price
Bitguru, in an analysis on X, outlined where the Dogecoin price is and what could determine the next move for the cryptocurrency. This all comes back to a critical level that would send the price in either direction, making it the point where both bulls and bears are now fighting for dominance, and this level is at 0.166.
Related Reading
As the crypto analyst explains, the Dogecoin price has been in a clear downtrend already, and there has been no indication that it will actually pull out of this soon. If anything, sideways movement has been the order of the day, and catalysts that could trigger another rally have not been forthcoming.
It so happens that the Dogecoin price ended up being rejected at $0.1823, which has been established to be a major high for the digital asset. Hence, it puts the sellers in control once again as the price moves toward $0.166. This $0.166 level lies above the major support at $0.16, meaning that it is imperative for bulls to actually reclaim and hold it.
Another problem that the digital asset is facing at this point is that it continues to form lower highs. Naturally, this is a bearish development for any cryptocurrency as it means that buyers are weakening and sellers are gaining control in the market. If these lower highs continue, then it could see further decline for the Dogecoin price as opposed to a possible recovery.
Related Reading
The Dogecoin price did try to rebound over the weekend, but was ultimately pushed back down as the Bitcoin price struggled at $95,000. Now, reclaiming the $0.166 is the next major task for bulls if the meme coin is to continue its ascent.
In the event of a failure to reclaim $0.166 with momentum, then the Dogecoin price could correct lower. As the decline deepens, the next major support level lies firmly at $0.15, where there could be a wave of buying to trigger a short-term rise.
Featured image from Dall.E, chart from TradingView.com
