$Dogecoin’s Struggle to Break $0.35 Resistance Amid Weak EMAs

Dogecoin (DOGE) is currently trading at $0.31927, with an intraday pullback of 1.46% following an overnight jump of 3.90%. Despite forming a bullish engulfing candle, the recovery failed to sustain above $0.3250 and has now breached the $0.32 mark.

In the 4-hour price trend, $DOGE shows a V-shaped recovery but fails to surpass the $0.3488 horizontal level, forming a potential rounding bottom pattern. This pattern struggles to hold above the 20 EMA line at the $0.32 psychological mark. The recent V-shaped reversal formed a bottom at $0.26447, establishing new support for Dogecoin. Immediate support is highlighted at the $0.30 psychological mark.

$DOGE risks breaking down the $0.35 support level, entering bearish territory. However, the bullish support at $0.30 hints at a potential recovery to challenge the $0.35 resistance level. The 4-hour RSI line has reached the halfway level, increasing upside chances and reflecting a boost in bullish sentiments.

Independent market analyst Ali Martinez highlights a bullish signal on $DOGE , suggesting a potential recovery. A TD sequential buy signal on the Dogecoin daily chart was generated near the $0.30 psychological mark, increasing the chances of a bullish run. Immediate resistance stands at $0.35, followed by the 200 EMA line at $0.3657.