Dogecoin Price Shows Recovery but Faces Resistance Near $0.270

Dogecoin (DOGE) Recovery Analysis

DOGE began recovering above $0.2350 and $0.2420.
Current trading is below $0.2780 and the 100-hour moving average.
A bearish trend line with resistance at $0.260 is forming on the hourly chart.
Further increases require clearing resistance at $0.260 and $0.270.

Price Dynamics

DOGE declined over 25% from the $0.3450 resistance, dipping below key support levels including $0.300 and $0.250, reaching as low as $0.20. The recovery has passed the 50% Fib retracement level of this downward movement.

Resistance is observed around $0.260 and $0.270, with major resistance expected at $0.2850, corresponding to the 61.8% Fib retracement level.

A close above $0.2850 could drive prices toward $0.300 and potentially $0.320, with a long-term target of $0.3420.

Potential Decline Risks

If DOGE fails to surpass $0.270, it may face another decline. Initial support is near $0.2420, followed by $0.2250, with critical support at $0.220. A break below $0.220 could lead to further declines to $0.2020 or $0.200.

Technical Indicators

MACD is losing momentum in the bearish zone.
RSI is below 50.
Major support levels are at $0.2420 and $0.2250.
Major resistance levels are at $0.2700 and $0.2850.