While the Dogecoin (DOGE) price has bounced in lower time frames, clearing an important diagonal resistance, a distinct weakness exists in the long-term outlook.

The DOGE price is holding above the final horizontal support level before a significant fall. As a result, a decisive bounce at the current level is required in order to avoid a steep fall.

Dogecoin Price Bounces at 378-Day Support

The technical analysis from the weekly time frame shows that the DOGE price decreased significantly at the beginning of June, reaching the $0.06 horizontal support area.

This is a crucial area since it has been in place for 378 days. As a result, whether the price bounces above it or breaks down could be crucial in determining the future trend.

Even though the DOGE price initiated a bounce, it has not moved considerably above it yet. Moreover, a descending resistance line has been in place since February 2022.

Even though the DOGE price has bounced, the RSI provid

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Author: Valdrin Tahiri

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