Dogecoin is facing a tough challenge as it fails to surpass the 4-hour Simple Moving Average (SMA). The SMA resistance is a hurdle, with bearish pressure prevailing. Despite initial recovery signs, Dogecoin's struggle at this key point shows fragile bullish momentum and raises concerns about the bulls' control.
The market sentiment appears to shift, with sellers exerting dominance. Analyzing recent price movements reveals the 4-hour SMA as a significant barrier. The meme coin remains in a precarious position, with the Relative Strength Index (RSI) below 50%, indicating selling pressure and a bearish trend.
For DOGE, the $0.3066 support level is critical. If the bearish trend continues, Dogecoin might slip towards $0.2677. Conversely, pushing past the SMA could move DOGE towards $0.3563 resistance, with potential to aim for $0.4 if momentum shifts positively. The RSI must climb above 50% to signal any bullish reversal.
