Dogecoin (DOGE) is currently trading at $0.17508, after retracting from the $0.17919 resistance level. This level has proven difficult to overcome, resulting in a failed breakout above the ascending triangle pattern on the 1-hour chart. Increased selling pressure is pushing DOGE towards $0.17019, a key support level that will determine its near-term direction.

Key Levels to Watch

Resistance Levels:

• $0.17750 – A key short-term resistance level; a breakout above this could reignite bullish momentum.
• $0.17919 – A significant resistance zone that previously rejected the price. A decisive break above this level would confirm a longer-term uptrend.

Support Levels:

• $0.17019 – Immediate support where buyers may attempt to regain control.
• Ascending Triangle Lower Line – A crucial trend line. A break below this line could indicate further downward pressure.

Bearish Scenario

If the $0.17456 support level fails, selling pressure could push DOGE towards the lower trend line of the ascending triangle. A break below this pattern would signal a strong bearish trend, potentially leading to further losses and impacting investor confidence.

Bullish Outlook

Conversely, if the $0.17456 support level or the trend line holds, buyers may regain momentum and push DOGE towards the $0.17750 resistance zone. A successful breakout above $0.17919 could initiate a sustained rally and strengthen bullish sentiment, potentially paving the way for a long-term uptrend.

DOGE is currently at a crucial juncture. A rebound from support could fuel a bullish breakout, while failure to hold key support levels may result in further price declines. Traders should carefully monitor these levels to anticipate DOGE's next significant price movement.

Disclaimer: This information is for educational purposes only and should not be considered financial advice. The views expressed here are the author's opinions and do not necessarily reflect the views of any publication. Thorough research is recommended before making any investment decisions. Any investment actions are taken solely at the reader's own risk.