Dogecoin is close to $0.20—is there going to be another downtrend?

Dogecoin once again dropped below the $0.2500 level against the US Dollar. The cryptocurrency, inspired by this meme, recently hit a low of $0.2050 and is currently consolidating below the $0.2250 level. The price is still under pressure, with the bearish indicators suggesting further downside risk if key support levels are not breached. Dogecoin price continues to fall DOGE has witnessed a sharp decline after failing to sustain above $0.2650. Unlike Bitcoin (BTC) and Ethereum (ETH), showing relative strength, Dogecoin has struggled to maintain key support areas and dropped below $0.2600 and $0.2500. The price even surged below $0.2150 before stabilizing. Currently, DOGE is attempting to recover from the $0.2052 low. It has moved above $0.2080 but remains below the 23.6% Fibonacci retracement level of the downward move from the $0.2609 high to the $0.2052 low. The price is also trading below the resistance of $0.2250 and the 100 hourly simple moving average (SMA). The immediate resistance is near $0.2150, with the main hurdle forming around $0.2180. On the hourly DOGE/USD chart, a downtrend line is forming at this level, further consolidating the downward pressure. If DOGE breaks out of the $0.2180 and $0.2250 resistance levels, a more significant rally is probable. A close above $0.2250 can push the price towards the $0.2330 resistance zone, in line with the previous downtrend's 50% Fibonacci retracement level. The next bullish momentum could lead to a test of the $0.2500 resistance level, with $0.2620 being the next major hurdle for buyers. What else does DOGE have disadvantages? If Dogecoin fails to break out of the $0.2180 resistance level, another price drop is possible. The first major support level is located at $0.2065, followed by the key support at $0.2050. A breakdown below $0.2050 can trigger a larger sell-off, taking DOGE to the critical support level of $0.2000. If this level fails to hold, the price may fall further to $0.1880 or even $0.1740 in the short term. Technical indicators MACD: The hourly MACD line for DOGE/USD is accelerating in the downtrend zone. RSI: The hourly relative strength index (RSI) is still below 50, indicating weak buying pressure. Key support and resistance levels Support levels: $0.2050, $0.2000, $0.1880Resistance: $0.2180, $0.2250, $0.2330 Conclusion Dogecoin's price action continues to trend downward, with key resistance levels hindering any strong recovery. If buyers fail to push the price above $0.2180 and $0.2250, the possibility of further downside towards the psychological support level of $0.2000 may occur. Traders should closely monitor these key levels, as a breakout above $0.2250 could shift momentum in favor of the buyers.