Dogecoin price holds above $0.1795 as bulls defend key Fib level amid descending triangle
Dogecoin consolidates near $0.1900 as symmetrical triangle tightens ahead of breakout
Dogecoin price remains under pressure near $0.1900 as June 2 trading opens, following a steady decline from May’s high near $0.2490. The coin is consolidating just above the 0.618 Fibonacci retracement level at $0.1795, a technical floor that has held through multiple retests.
Key highlights
- Dogecoin trades near $0.1900, holding above the 0.618 Fibonacci level at $0.1795 after recent selloff.
- Price is trapped in a symmetrical triangle, with pressure building for a breakout or downside extension.
- Momentum indicators remain weak, but oversold signals hint at potential for short-term bounce.
With the price now caught between converging trendlines, a decisive breakout or breakdown could define the next leg for DOGE.
Triangle compression suggests a breakout is near
The daily chart shows Dogecoin locked in a symmetrical triangle pattern formed by a descending trendline from April and an ascending support line extending from March. A sustained break below $0.1790 could open the door to further downside toward $0.1630 and $0.1500. Conversely, if DOGE reclaims $0.1950, it would mark the first sign of bullish strength and set the stage for a retest of $0.2100 and potentially $0.2230.
DOGE price forecast (Source: TradingView)
On the 4-hour chart, price action is subdued, trading below all major exponential moving averages, with the 20 EMA near $0.1954 acting as immediate resistance. The Bollinger Bands show compression, and price is hovering near the lower band, suggesting limited room for further downside without consolidation.
Mixed indicators cloud short-term direction
The 30-minute RSI sits at 48.97, showing neutral momentum after bouncing from oversold territory. MACD remains flat, while Stochastic RSI is turning upward, hinting at a possible short-term range formation or mild bounce. The Ichimoku Cloud shows price stuck within the cloud, reflecting a lack of directional conviction. The Chande Momentum Oscillator at -46.29 further supports the notion of weak intraday strength.
Outlook for June 3: Dogecoin needs to reclaim $0.1950 to shift momentum back in favor of buyers. Failure to do so would likely trigger another test of $0.1790. If that support breaks, downside targets extend toward $0.1630. Bulls will require a clear breakout above the triangle structure to regain control.
Earlier coverage pointed to $0.2100 as a key pivot zone. With Dogecoin now drifting below this level and stuck beneath its EMAs, the technical landscape has weakened. However, the 0.618 Fib support at $0.1795 has held for several sessions, and this level remains pivotal for short-term direction.
