Dogecoin has been struggling to regain momentum after dropping below the $0.1420 support zone against the US Dollar. The cryptocurrency is currently facing key hurdles at the $0.1450 level, making it challenging for DOGE to move into a positive zone and start a fresh surge. The price is currently trading below the $0.1450 level and the 100 simple moving average (4 hours), indicating a bearish trend in the short term.
Despite testing the $0.1360 support and starting a minor recovery wave, Dogecoin is still facing resistance near the $0.1430 level. A key bearish trend line has formed with resistance at $0.1430 on the 4-hour chart of the DOGE/USD pair, adding to the challenges for DOGE to break above the $0.1450 level. The price needs to settle above $0.1450 to have a chance at a successful recovery.
If Dogecoin manages to close above the $0.1450 resistance, it could potentially rally towards the $0.1535 resistance and even reach the $0.1620 level. However, failure to gain pace above the $0.1450 level might result in another decline. If the price breaks below the $0.1360 support, DOGE could decline further towards the $0.1200 level, indicating a bearish outlook for the cryptocurrency.
The MACD for DOGE/USD is currently losing momentum in the bearish zone, while the RSI is slightly above the 50 level. This suggests that the price movement for Dogecoin is currently in a state of uncertainty, with potential for both upside and downside. Major support levels for DOGE include $0.1400, $0.1360, and $0.1200, while major resistance levels are at $0.1430, $0.1450, and $0.1535.
Dogecoin is currently facing challenges in regaining momentum and breaking above key resistance levels. The price movement for DOGE remains uncertain, with potential for both upside and downside depending on how it reacts to the current hurdles. Traders and investors are advised to monitor the price action closely and consider the technical indicators to make informed decisions regarding Dogecoin investments.