Dogecoin’s latest attempt to regain lost ground has faced a significant hurdle as the price struggles to break above the important 4-hour Simple Moving Average (SMA). This resistance level has proved a formidable barrier, with bearish pressure consistently preventing any meaningful breakout.
Despite the initial signs of potential, DOGE’s inability to cross this key threshold suggests that the bullish momentum remains fragile, leaving the meme coin in a precarious position. The rejection of the 4-hour SMA highlights the increasing dominance of sellers in the market, casting doubt on whether buyers can regain control to push the price higher.
A decisive move above the 4-hour SMA would signal a resurgence of positive sentiment, potentially paving the way for DOGE to target higher resistance levels. On the other hand, continued failure to overcome this obstacle may lead to increased selling pressure, pushing the price to lower support areas.
Analyzing DOGE’s Recent Price Movement
An analysis of Dogecoin’s recent price movements reveals a major challenge for the bulls. Despite the initial rebound, DOGE has struggled to break through the 4-hour SMA resistance, which has become a critical barrier.
This indicates that the upward momentum has subsided, and market sentiment may change. Failure to break this key level may suggest that further gains are not possible without a consolidation phase or additional bullish catalysts.
Also, the Relative Strength Index (RSI) indicator provides further confirmation of the current bearish trend as the RSI line continues to stay below the 50% threshold. RSI is widely used to assess market strength, and if it stays below 50%, it usually indicates that selling pressure is stronger than buying activity. This is in line with DOGE’s recent price action as the stock is struggling to break through the key resistance level at the 4-hour SMA.
The failure of DOGE’s RSI to rise above the 50% mark means that bearish strength continues, limiting the meme coin’s chances of rally support. As long as the RSI remains below 50%, downward pressure may continue, making it difficult for Dogecoin to break the resistance and potentially push the price to lower support levels.
A bullish reversal would require the RSI to rise above 50%, indicating a change in market sentiment. Meanwhile, the bearish tone indicated by the RSI highlights the challenges DOGE faces in maintaining an upward trajectory.
Key Support and Resistance Levels to Watch
For DOGE, key support and resistance levels provide important insights into its future price movements. Dogecon price is currently testing the $0.3066 support level, which could serve as a base if bearish momentum persists. If DOGE falls below this support, it may head towards $0.2677, indicating very low risk.
On the other hand, if Dogecoin makes a positive turn and breaks above the 4-hour SMA, the immediate resistance is $0.3563. Furthermore, a successful breach of this level may pave the way for further upside, with the next target being the $0.4 resistance area.
