TLDRDogecoin price has declined 30% from its July peak of $0.28 and now tests crucial $0.19 supportA late-July 20/200-day golden cross still suggests a broader bullish uptrendTechnical indicators (RSI, MACD) show cooling momentum but haven’t invalidated the primary trendMajor exchanges report most traders maintaining long positions on DOGE despite the pullbackPrice could potentially rebound toward $0.22-$0.24 if the $0.19 support holdsDogecoin has seen its price retreat substantially in recent weeks, pulling back from a five-month high and testing key support levels. The popular meme cryptocurrency reached nearly $0.28 on July 21 before experiencing a 30% decline that brought it back to the $0.19 support level.This price action has left many traders wondering whether this support zone will trigger the next rally or if further declines are imminent.The recent sell-off has pushed DOGE below both the 50-day exponential moving average (50 EMA) at $0.206 and the 200-day EMA at $0.207. However, bulls have managed to defend the $0.19 support level thus far.This area represents a critical juncture for Dogecoin’s price trajectory. A decisive daily close below this level could open the door to further downside toward $0.17 and possibly $0.15, which would represent a 12-24% drop from current prices.On the other hand, successfully defending the $0.19 support could set the stage for a rebound toward the 20 EMA near $0.22.From a long-term perspective, Dogecoin’s price structure remains bullish thanks to the 20/200-day golden cross that formed in late July. This technical pattern typically indicates that long-term bulls remain in control as long as price stays above the slower-moving average.Technical Indicators ResetThe daily Relative Strength Index (RSI) has cooled significantly, falling from an overheated reading above 80 to below 50. This drop signals that the market’s momentum has eased considerably from its previous exuberance.Similarly, the Moving Average Convergence Divergence (MACD) indicator has flipped bearish, confirming the loss of upward momentum in the recent rally.While these signals point to waning bullish pressure, they also suggest that technical indicators are resetting from overbought conditions. This reset could potentially set the stage for a healthier move higher if support holds.Should DOGE maintain the key $0.19 support level while these indicators reset, the most likely scenario would be a rebound toward the $0.22-$0.24 range. A decisive break above $0.24 resistance could then open the path toward the major psychological barrier at $0.30.Dogecoin Price on CoinGeckoHowever, reaching that level would likely require fresh positive catalysts and a more favorable macro environment.The broader economic picture has created headwinds for risk assets like cryptocurrencies. President Trump’s recent introduction of new import taxes ranging from 10% to 41% on goods from multiple countries has ended the grace period many investors had hoped would be extended.Trading Activity Remains RobustDespite these challenges, data from cryptocurrency exchanges indicates that traders remain optimistic about Dogecoin’s prospects. According to Coinglass, while aggregate Dogecoin futures volume decreased by 37% to $4 billion over a 24-hour period, open interest stayed relatively stable at around $3 billion.This stability in open interest suggests that traders are holding their positions rather than exiting the market, indicating continued confidence in Dogecoin’s price outlook.What’s particularly telling is the long/short ratio on major exchanges. On Binance, long accounts outnumbered shorts by 3:1, while OKX showed an even stronger 3.6 reading. These figures reinforce the underlying bullish sentiment despite the recent price correction.Although momentum traders have pulled back, larger market participants appear to be maintaining bullish positions. If macroeconomic conditions improve and Dogecoin holds the $0.19 support, this accumulated buying pressure could drive prices higher.For now, all eyes remain on the critical $0.19 support level as Dogecoin traders await the next directional move for the world’s largest meme cryptocurrency.Dogecoin’s current trading range between $0.19 and $0.22 may represent a period of consolidation before the next major price movement occurs.The post Dogecoin (DOGE) Price: Testing $0.19 Support Level After 30% Decline From July High appeared first on Blockonomi.