Dogecoin Price (DOGE) is facing difficulties in regaining upward momentum after a decline below $0.2620. Unlike Bitcoin and Ethereum, DOGE price fell under crucial support levels and is currently consolidating. The price is battling to surpass the $0.2550 resistance zone, a key level that could shape its next price action.
Market Trends and Key Price Levels
DOGE price declined from the $0.2830 high to the $0.2420 low and is now attempting a recovery. The price has made slight gains above $0.2540, but remains under the 100-hour simple moving average, signaling the need for stronger buying momentum. A breakout above $0.2550 could push the price toward the 50% Fibonacci retracement level at $0.2625, a crucial resistance level.
Can Dogecoin Recover? Key Levels to Watch
For Dogecoin to establish a bullish trend, it must break past the $0.2625 resistance level. If successful, the next major hurdle lies at $0.2720. A close above this resistance could send DOGE toward $0.300, with further gains potentially driving it to $0.320 or even $0.3420. Traders should monitor these levels closely for potential bullish signals.
Risk of Another Decline – Support Zones in Focus
If Dogecoin fails to break above $0.2550, another decline could follow. The first major support level is at $0.2500, followed by a key level at $0.2420. A break below $0.2420 may trigger a sharp decline toward $0.2350 or even $0.2220, increasing bearish pressure.
Technical Indicators Indicate Market Uncertainty
The hourly MACD for DOGE/USD is losing momentum in the bullish zone, while the RSI remains below 50, indicating weak buying strength. Traders should stay vigilant and watch key support and resistance levels to assess the next move for Dogecoin. Optimizing risk management strategies can help traders make informed decisions in this volatile market.
