• Dogecoin is holding a key support level, signaling a potential recovery if current levels remain intact.
• Analysts see the $0.19 range as a possible buy point, which could lead to a rebound toward $0.48.
• Price action depends heavily on Bitcoin’s trend, with long-term trendlines currently offering support.

Dogecoin (DOGE) is holding a crucial support level, showing signs of potential recovery. Analysts indicate that a dip around the current levels could be a buying opportunity. The coin’s next direction largely depends on Bitcoin’s overall market trend.

At the time of writing, Dogecoin is trading at $0.1892, with a 24-hour trading volume of $13.02 billion and a market capitalization of $28.86 billion. Over the past 24 hours, the price of DOGE has seen a slight decline of 2.42%.

Dogecoin Trendline Support Could Hold Price

Crypto analyst Ultimae shared insights on DOGE’s current price action, noting that it is perched on a long-term diagonal support line. He detailed that as long as the price doesn’t decrease that much below this level, then nothing is really wrong here. “The trendline has held for a while, and it might continue to support in the near term,” he furthered, elaborating that the coin’s price is still very much dependent on the price movement of Bitcoin.

Dogecoin Set for Potential Price Upswing

Moreover, a well-known analyst, Ali Martinez, also pointed out that $0.19 will become a good buy-the-dip point. Based on Martinez, this will put DOGE in a strong spot for a possible rise to $0.48, providing a good entry point for a rebound catch.

Even though the market is holding back, such analyses also mean that Dogecoin might be preparing for a phase of stability and potential growth if support is held at or near current levels. Investors will then keenly observe Bitcoin, as a resultant trend here can directly trigger DOGE’s next significant move.

Also Read | Dogecoin Eyes $0.30: Key Support Holds Strong for Potential Rally

Dogecoin Faces Strong Weekly Pullback

The RSI is at 45.20, dropping back under the neutral 53.08, indicating that Dogecoin is running out of steam following its brisk buying in the previous period. The 20-period SMA lies at $0.24694, with a 200-period SMA at $0.13635, and the price is currently dropping back under the short-term measures.

The MACD line at 0.00070 is converging against the signal line at 0.00535, suggesting waning bullish power. Histogram bars are getting smaller, verifying a losing streak and potential downside continuation. Momentum is likely to fall back unless otherwise, Dogecoin can test support levels at $0.18, where the following MA level is located.

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