Dogecoin (DOGE), the once-high-flying meme coin, has been stuck in neutral recently. While it enjoyed a decent recovery wave, it’s struggling to break through a key resistance zone. Analysts are watching closely to see if DOGE can muster the strength for a fresh climb.
DOGE Held Back by Resistance
Currently, Dogecoin is trading below $0.1285 against the US Dollar. This resistance level is proving to be a stubborn hurdle, preventing DOGE from making significant upward movement. After reaching a high near $0.1272, the price dipped alongside other major cryptocurrencies like Bitcoin and Ethereum.
Bullish Signs Despite Resistance
There are some positive indicators for DOGE. The price is hovering near the $0.1240 level and the 100-hourly simple moving average, suggesting potential support. Additionally, an hourly chart analysis reveals a short-term bullish flag pattern forming, hinting at a possible upswing if DOGE can overcome the $0.1250 resistance.
Breaking Through Resistance: Key Levels to Watch
A decisive break above $0.1285 could be a turning point for DOGE. This move could propel the price towards $0.1320 and potentially even $0.1350. Further bullish momentum might see DOGE challenge the $0.150 level.
Potential Downsides: Support Levels in Focus
However, if DOGE fails to gain traction above $0.1250, it could face a decline. The initial support level sits at $0.1230, followed by a more crucial support zone at $0.1220. A break below $0.1220 could trigger a steeper fall towards $0.1185.
The Dogecoin Verdict: A Wait-and-See Approach
Analysts remain cautious about DOGE‘s immediate future. While there are signs of potential bullish momentum, the price’s ability to overcome resistance will be critical. Investors should closely monitor DOGE’s price action around the key resistance and support levels mentioned to make informed decisions.
