$DOGE ’s Attempt to Rebound Stalls at Critical $0.35 Level
Dogecoin Long-Term Forecast: Bearish
- #Dogecoin continues to consolidate, holding above the $0.30 support but struggling below the 50-day SMA. The altcoin attempted an upward correction but faced rejection twice at the $0.35 resistance level. A sustained move above the 21-day SMA could push DOGE toward its previous high of $0.45. However, after repeated rejections at $0.35, the price has dipped. On the downside, DOGE could retest its prior low of $0.26, and if the $0.26 support breaks, a further decline to $0.15 is possible. Currently, DOGE is trading at $0.3215.
Indicator Analysis
- DOGE’s price remains below the 50-day SMA, suggesting the potential for further declines. Since December 19, the cryptocurrency has fluctuated below this SMA while staying above the $0.30 support level. On the 4-hour chart, DOGE remains range-bound between the moving average lines, reflecting limited price movement.
Technical Levels
- Resistance: $0.35, $0.45
- Support: $0.30, $0.25
- DOGE's sideways trading reflects market indecision, with traders awaiting clear direction. The presence of doji candlesticks highlights uncertainty. Trapped between key levels, DOGE continues to face resistance from the 50-day SMA, limiting upward momentum.
