Dogecoin (DOGE) has recently started a recovery wave, attempting to bounce back from its recent decline. After falling over 25% and testing the $0.20 support level, DOGE is now facing resistance as it tries to reclaim lost ground.
The popular meme coin is currently trading below the $0.278 level and the 100-hourly simple moving average. It faces immediate resistance near the $0.26 level, with a major bearish trend line forming on the hourly chart. If DOGE manages to clear the $0.26 and $0.27 resistance levels, it could potentially extend its recovery toward $0.30 or even $0.342.
However, if Dogecoin fails to break above the $0.27 mark, it risks another decline. The key support levels to watch are $0.242 and $0.225. A drop below the crucial $0.22 support could send DOGE tumbling toward $0.202 or even $0.20 in the near term.
The current market sentiment for Dogecoin remains cautious, with investors closely monitoring its ability to overcome resistance levels. The outcome of this recovery attempt could have significant implications for DOGE’s short-term price action and overall market sentiment.
As always, traders and investors should exercise caution and conduct thorough research before making any investment decisions. Keep a close eye on key support and resistance levels, and stay informed about the latest developments in the cryptocurrency market.
Tags: Dogecoin, DOGE, crypto market, price analysis, trading
Source: https://www.newsbtc.com/analysis/doge/dogecoin-doge-attempts-comeback-0-270/