Dogecoin, Why Can't It Surpass $0.1? 'Further Decline' Looms

▲ Dogecoin (DOGE)

An analysis suggests that Dogecoin (DOGE) failed to break through a key resistance level, causing its rebound trend to falter and exposing it to renewed downward pressure.

According to cryptocurrency specialized media NewsBTC, Dogecoin rose to the $0.098 range but failed to overcome resistance, turning downwards and weakening its short-term upward trend. Subsequently, the price fell below $0.095, entering a correction phase.

In the current structure, the most crucial turning point is $0.10. This area acts as both psychological resistance and a technical supply zone, analyzed as a key level that has blocked several upward movements. The diagnosis is that as long as the price fails to break this level, any upward reversal will remain limited.

Short-term resistance levels are also tightly formed. On the upside, $0.0952 and $0.0965 act as major resistance, and breaking these levels is necessary to retest $0.098. Only then will a test of $0.10 become possible.

Conversely, support levels are also clear during a decline. The primary support is at $0.0932, followed by the $0.092 area, which has been presented as a key defense line. If this level breaks, downward pressure could extend to $0.090, with further potential drops to $0.088 and $0.085.

Technical indicators are also adding to the pressure. The Moving Average Convergence Divergence (MACD) shows a trend of strengthening downward momentum in the bearish zone, and the Relative Strength Index (RSI) has fallen below 50, indicating a slowdown in buying pressure.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*