Dogecoin Bears Tighten Grip, But This Support Zone Hints At A Potential Reversal

Dogecoin is once again under pressure as bears tighten their hold, keeping the price pinned below key resistance ￰0￱ the ongoing consolidation, one crucial support zone is beginning to show signs of strength, hinting that a potential reversal could be on the horizon if buyers step in at the right ￰1￱ Hinges On RSI and BTC Dominance Levels Umair Crypto, in his latest update on Dogecoin, noted that the meme coin is currently consolidating just beneath the 200-day Simple Moving Average (SMA), forming what appears to be a clear bearish ￰2￱ to Umair, the structure suggests that the price could soon face rejection from this critical moving average, a move that may trigger a decline toward the $0.15 region, or potentially even lower if selling pressure ￰3￱ Reading: Dogecoin Awaits Risk-On Ignition As 2021 Pattern Repeats Despite the bearish tone, Umair highlighted that the $0.15 zone remains a crucial area of interest for ￰4￱ explained that this region could act as a strong bounce zone if the expected rejection occurs, offering the bulls a chance to defend the key support and potentially ignite a recovery from oversold ￰5￱ a more optimistic note, Umair pointed out that a recovery above the daily RSI trendline could change the short-term outlook for DOGE and fuel a move above the 200-day SMA, opening the door for renewed bullish momentum.

However, Umair maintained a cautious stance for now until there’s a confirmed decline in Bitcoin dominance (BTC. D) below 59%. This shift would likely mark the beginning of a more sustainable upward phase, including ￰6￱ Regains Stability After Recent Correction In a more recent market update, BitGuru highlighted that Dogecoin is starting to display early signs of a potential recovery following its recent correction ￰7￱ facing sustained downward pressure, the popular meme coin seems to be regaining some stability as its price action begins to level ￰8￱ Reading: Dogecoin Price Eyes Major Breakout, Is A Rally To $0.7 All-Time Highs Possible? BitGuru pointed out that DOGE has managed to hold firmly near a key support level despite recent ￰9￱ steady price action near the base suggests that buyers are gradually stepping back in, showing confidence in the asset’s long-term ￰10￱ chart structure is beginning to curve upward, which often precedes a breakout or a notable shift in market sentiment He further explained that if this early momentum continues to develop, Dogecoin could be preparing for a breakout toward the $0.22–$0.25 range.

A successful move in that direction would mark a meaningful recovery from its previous decline and could spark renewed interest from ￰11￱ image from Pixabay, chart from ￰12￱