Dogecoin Fails To Break Through 4 Hour SMA Resistance
Dogecoin (DOGE) recently attempted a price recovery but hit a major obstacle, struggling to break above the 4-hour Simple Moving Average (SMA), which has acted as a strong resistance.
Despite initial signs of a rebound, DOGE failed to surpass this level, pointing to fragile bullish momentum and increasing bearish pressure, making the meme coin vulnerable.
Price Action And RSI Analysis
A move above the 4-hour SMA could signal a shift toward positive sentiment and higher resistance levels. However, continued rejection may intensify selling, pushing DOGE toward lower support.
The price movement for DOGE shows difficulty breaking through the 4-hour SMA, suggesting weakening upward momentum. The RSI remains below 50%, confirming bearish pressure. As long as the RSI stays under 50%, downward momentum may continue.
Support And Resistance Levels
DOGE is testing the $0.3066 support level. A drop below this could push the price toward $0.2677. On the upside, breaking the 4-hour SMA could lead to resistance at $0.3563, with further gains targeting the $0.40 zone.
As of the time of this writing, DOGE is trading around $0.34, according to CoinGecko.
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