The Dogecoin price has generally followed the trajectory of other altcoins relative to Bitcoin, experiencing 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, Dogecoin is now in a precarious position where it needs to make a major move, or investors risk further declines as the altcoin struggles to find support.
### Next Trajectory for the Dogecoin Price
Bitguru, in an analysis on X, outlined where the Dogecoin price currently stands and what could determine its next move. It all comes down to a critical level that could send the price in either direction — a point where both bulls and bears are fighting for dominance. This key level is $0.166.
According to the crypto analyst, Dogecoin has been in a clear downtrend for some time, with no strong indications of a reversal. Sideways movement has been the prevailing trend, and catalysts that could trigger another rally have yet to materialize.
Recently, Dogecoin was rejected at $0.1823, a major resistance level for the digital asset. This rejection has put sellers back in control as the price moves toward the critical $0.166 mark. It’s important to note that this $0.166 level lies just above a major support area at $0.16, making it imperative for bulls to reclaim and hold this price to prevent further declines.
### Bearish Signals and Market Challenges
Another challenge Dogecoin faces is the formation of lower highs, which is a bearish signal for any cryptocurrency. Lower highs indicate weakening buyer strength and growing seller dominance. If this pattern continues, it could pave the way for further declines rather than a recovery.
Over the past weekend, the Dogecoin price attempted a rebound but was ultimately pushed back down, as Bitcoin struggled to maintain its position around $95,000.
### What’s Next for Dogecoin?
For bulls to regain momentum and push Dogecoin higher, reclaiming the $0.166 level is the immediate task. Failure to do so with sufficient momentum could lead to a deeper correction. Should the decline continue, the next major support is expected at $0.15 — a level where buying interest could potentially trigger a short-term rebound.
In summary, Dogecoin remains at a critical juncture. The battle between buyers and sellers at the $0.166 level will likely dictate the altcoin’s near-term trajectory, with significant implications for investors and the broader market sentiment.
https://bitcoinethereumnews.com/tech/dogecoin-price-could-bounce-very-quickly-if-this-happens-at-0-166/