Dogecoin’s recent attempt to regain lost ground has faced a significant hurdle as its price struggles to break above the crucial 4-hour Simple Moving Average (SMA). This resistance level has proven to be a formidable barrier, with bearish pressure consistently preventing any meaningful breakout.
Despite early signs of a possible recovery, DOGE’s inability to cross this key threshold indicates that bullish momentum remains fragile, leaving the meme coin in a precarious position. The rejection during the 4-hour SMA highlights the growing 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 could signal a resurgence in positive sentiment, potentially paving the way for DOGE to target higher resistance levels. On the other hand, the continued inability to overcome this obstacle could lead to increased selling pressure, pushing the price towards lower support zones.
Analysis of DOGE’s recent price movements
Analyzing Dogecoin’s recent price movements reveals a significant challenge for the bulls. Despite an initial recovery, DOGE has struggled to break the resistance during the 4-hour SMA, which has become a critical barrier.
This indicates that upside momentum has waned and market sentiment may be shifting. The inability to breach this key level could indicate that further gains are unlikely without a consolidation phase or additional bullish catalysts.
Furthermore, the Relative Strength Index (RSI) indicator provides additional confirmation of the current bearish trend as the RSI line remains below the 50% threshold. The RSI is widely used to assess the strength of the market, and when it remains below 50% it often indicates that selling pressure is prevailing over buying activity. This lines up with DOGE’s recent price action as the asset struggles to break the key resistance level at the 4-hour SMA.
The failure of DOGE’s RSI to rise above 50% implies that bearish forces remain, limiting the meme coin’s chances of sustaining a rally. As long as the RSI remains below 50%, the downward pressure may continue, making it difficult for Dogecoin to break the resistance and potentially pushing the price towards a lower support level.
A bullish reversal would require the RSI to rise above 50%, which would signal a shift in market sentiment. For now, the bearish tone of the RSI highlights the challenges DOGE faces in maintaining an upward trajectory.
Critical support and resistance levels to watch
For DOGE, key support and resistance levels provide essential insights into future price movements. Dogecon price is currently testing the support level at $0.3066, which could serve as a base if the bearish momentum continues. If DOGE falls below this support, it could head towards $0.2677, reflecting more downside risks.
On the upside, should Dogecoin turn positive and break above the 4-hour SMA, the immediate resistance to watch is $0.3563. Moreover, a successful break of this level could pave the way for further upward moves, with the next target being the $0.4 resistance zone.
