$DOGE coin Faces Resistance Amid Recovery Attempts
Dogecoin $DOGE
has initiated a rebound, climbing above the $0.2500 level against the US Dollar. The price has shown signs of stabilization, but it currently faces hurdles near the $0.260 and $0.2655 resistance zones. Despite the recent downturn, DOGE has managed to stay above the 100-hour Simple Moving Average (SMA), signaling potential bullish momentum. A key breakout was observed on the hourly chart, where the price surpassed a bearish trend line with resistance near $0.2515.
Following a decline from the $0.2940 mark, Dogecoin dropped below key support levels at $0.280 and $0.2655 before bottoming out at $0.2388. However, the asset has since regained some traction, moving past the 23.6% Fibonacci retracement level of the drop from $0.2933 to $0.2388. The next challenge lies at $0.2655, which aligns with the 50% Fibonacci retracement level. Should the price successfully breach this resistance, it could pave the way for further gains toward $0.2725 and eventually $0.300. Sustained bullish momentum could even push DOGE toward $0.320 or, in an extended rally, $0.3420.
Conversely, if Dogecoin struggles to overcome the $0.260 mark, a fresh decline could be on the horizon. Initial support is positioned around $0.2520, with the next major safety net near $0.2500. A break below this level may accelerate selling pressure, potentially leading to a deeper correction. For now, $DOGE short-term outlook hinges on whether bulls.
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