Dogecoin (DOGE) Drifts Sideways—Will Bulls Step Up to the Challenge?

Dogecoin

NewsBTCFeb 11, 2025 5:50 AM

Dogecoin started a recovery wave above the $0.250 zone against the US Dollar. DOGE is now consolidating and might face hurdles near $0.2655.

DOGE price started a recovery wave above the $0.2500 and $0.2520 levels.
The price is trading above the $0.250 level and the 100-hourly simple moving average.
There was a break above a connecting bearish trend line with resistance at $0.2515 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start another increase if it clears the $0.260 and $0.2655 resistance levels.

Dogecoin Price Faces Resistance

Dogecoin price started a fresh decline from the $0.2940 resistance zone, like Bitcoin and Ethereum. DOGE dipped below the $0.280 and $0.2655 support levels. It even spiked below $0.250.

A low was formed at $0.2388 and the price is now rising. There was a move above the 23.6% Fib retracement level of the downward wave from the $0.2933 swing high to the $0.2388 low. The price even cleared the $0.2500 resistance level.

There was a break above a connecting bearish trend line with resistance at $0.2515 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.250 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.260 level.

The first major resistance for the bulls could be near the $0.2655 level or the 50% Fib retracement level of the downward wave from the $0.2933 swing high to the $0.2388 low. The next major resistance is near the $0.2725 level.

A close above the $0.2725 resistance might send the price toward the $0.300 resistance. Any more gains might send the price toward the $0.320 level. The next major stop for the bulls might be $0.3420.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.260 level, it could start another decline. Initial support on the downside is near the $0.2520 level. The next major support is near the $0.250 level.

The main support sits at $0.2380. If there is a downside break below the $0.2380 support, the price could decline further. In the stated case, the price might decline toward the $0.2250 level or even $0.2120 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.2520 and $0.2500.

Major Resistance Levels – $0.2600 and $0.2655.

Reviewed byTony

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

Related Instruments

Recommended Articles

January CPI Preview: Severe Divergence in the Inflation Outlook—Time to Adjust Allocations?

Ahead of the release of the US January CPI report, inflation expectation surveys from the University of Michigan and the New York Fed have shown a rare divergence. With the escalation of Trump's tariffs, the trajectory of US inflation has garnered significant attention.

Dogecoin Price Forecast: DOGE whale transactions fell by more than 70%; bearish move ahead

Dogecoin (DOGE) continues to trade down around $0.24 after falling more than 7% in the previous week.