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Dogecoin (DOGE) is struggling to regain the resistance level at $0.20, suggesting a potential short-term correction if the price cannot close above this key level.
At the same time, Dogecoin's institutional arm is seeking to list the currency on the Nasdaq through a reverse merger, leveraging the Dogecoin treasury and $50 million in capital to expand into a regulated financial platform.
Key technical points for Dogecoin's price
Volume resistance: The $0.20 area aligns with the Point of Control and Fibonacci retracement levels between 0.5 and 0.618.
Sell order congestion: There are several historical sell zones within this area, which enhances its strength as a resistance level.
Potential pullback area: If the close fails above $0.20, this could lead to a retest of the support area at $0.15, before any new upward attempt.
It is noteworthy that despite several attempts throughout the day, Dogecoin (DOGE) failed to close decisively above the $0.20 level, indicating weakness in upward momentum.
The rejection at the $0.20 level shows that sellers are still active, capitalizing on this area for short-term profit-taking. Unless a clear breakout occurs accompanied by strong trading volume, the corrective move downward will remain the most likely scenario.
On the other hand, moving towards the support area at $0.15 may provide an opportunity to form a new higher low, thus creating a stronger base for future upward momentum, especially since this area coincides with a previous accumulation zone.
If the price returns to this level and an increase in volume is observed, this may constitute a bullish test before another attempt to break the $0.20 barrier.
What to expect in the upcoming price movement
As long as Dogecoin remains below the $0.20 level, the market will tend towards a short-term bearish bias. A rejection at this level could push the price towards $0.15 for a technical retest before any bullish reversal.
Conversely, if DOGE can close above $0.20, with an increase in trading volume, the likelihood of continuing the push towards the $0.23–$0.25 levels will increase.
