There has been a recent push by Dogecoin to regain lost ground as the price struggles to break above the 4-hourly simple moving average (SMA). This level of resistance has been a formidable obstacle, with bearish constant pressure prevents any meaningful break.
Despite initial signs of a possible rebound, DOGE's inability to cross this key threshold indicates that bullish momentum remains fragile, leaving the meme coin in a precarious position. The rejection of the 4-hour SMA indicates that there are more and more sellers in the SMA marketdoubting whether buyers can regain control to push the price higher.
A definite move above the 4-hour SMA could indicate a positive recovery feelingperhaps paving the way for DOGE to aim for higher resistance levels. On the other hand, a continued failure to overcome this obstacle could lead to more selling pressure, pushing the price to lower support zones.
Analyzing the recent price movement of DOGE
Analyzing the recent price movement of Dogecoin presents a great challenge to the world bulls. Despite an initial rebound, DOGE has struggled to break through the resistance at the 4-hour SMA, which has become a critical barrier.
This indicates that above momentum has declined, and market sentiment may be changing. Failure to exceed this key level may indicate that other benefits are unlikely without a confirmation level or additional bullish catalysts.
Also, the Relative Strength Index (RSI) mark providing further confirmation of the current bearish trend as the RSI line continues to stay below the 50% level. The RSI is widely used to assess market strength, and when it remains below 50%, it often indicates that selling pressure is outweighing buying activity. This aligns with DOGE's recent price action as the asset struggles to break through the key resistance level at the 4-hour SMA.
Failure of DOGE's RSI to rise above the 50% mark means that bearish forces continue, limiting the chances of the meme bottom to maintain a rally. As long as the RSI remains below 50%, downward pressure could continue, making it difficult for Dogecoin to break resistance and push the price to lower support levels.
A bullish a reversal would require the RSI to climb above 50%, indicating a shift in market sentiment. For now, the bearish tone displayed by the RSI indicates the challenges DOGE faces in maintaining an upward trajectory.
Critical support and resistance levels to watch
For DOGE, key support and resistance levels provide crucial insight into its future price movements. The price of Dogecon is currently testing the $0.3066 support level, which could be a base if the bearish trend continues. If DOGE falls below this supportit may go to $0.2677, indicating more downside risks.
On the upside, should Dogecoin make a positive turn and break above the 4-hour SMA, immediately the face to look for $ 0.3563. Furthermore, a successful break of this level could pave the way for further upward movement, with the next target being the $0.4 protection zone.
