Dogecoin (DOGE) Stuck In Limbo—What’s Holding Back The Recovery?

Dogecoin is currently facing resistance at the $0.2550 level after starting a fresh decline below $0.270 against the US Dollar. The price is consolidating and may encounter hurdles near $0.2550.

• DOGE price has dropped below key levels such as $0.270 and $0.260.
• The price is currently trading under the $0.260 level and the 100-hourly simple moving average.
• A bearish trend line with resistance at $0.2560 is forming on the hourly chart of the DOGE/USD pair (data from Kraken).
• If the price clears the resistance levels at $0.2560 and $0.2600, it could see another increase.

Dogecoin Price Faces Resistance

After encountering resistance at $0.2840, Dogecoin price started a new decline similar to Bitcoin and Ethereum. It dropped below $0.270 and $0.260, even briefly falling below $0.250.

The price reached a low of $0.2420 before attempting a recovery. It managed to surpass the 23.6% Fib retracement level of the downward movement from $0.2830 to $0.2420. Additionally, it broke the $0.2500 resistance level.

Currently, Dogecoin is trading below $0.260 and the 100-hourly simple moving average. The immediate resistance is at $0.2550, with a bearish trend line forming at $0.2560 on the hourly chart of the DOGE/USD pair.

If the bulls push the price above $0.2620, the next major resistances are at $0.2670 and $0.300. Further gains could lead to $0.320 and $0.3420.

Another Decline In DOGE?

If the price fails to break above $0.260, it may face another decline. Initial support is at $0.2480, followed by a major support at $0.2420. The main support level is at $0.2350, and a break below could lead to further declines towards $0.2220 or $0.2150.

Technical Indicators:

Hourly MACD – The MACD for DOGE/USD is showing signs of bearish momentum.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below 50.

Major Support Levels – $0.2480, $0.2420, $0.2350

Major Resistance Levels – $0.2600, $0.2620, $0.2670