The Dogecoin price surge was suppressed when DOGE failed to surpass the 4-hour SMA resistance threshold.

Recent efforts by Dogecoin to recover lost ground have faced a significant hurdle as the price struggles to overcome the key 4-hour Simple Moving Average (SMA). This resistance level has proven to be formidable, with continuous selling pressure preventing any meaningful breakthrough. Although there were initial signs of recovery, the fact that DOGE couldn't break through this key level indicates that the upward momentum is still fragile, leaving this meme coin in a precarious position. The rejection at the 4-hour SMA highlights the increasing dominance of sellers in the market, raising doubts about whether buyers can regain control to push the price higher or not. A decisive move on the 4-hour SMA could signal a revival of positive sentiment, potentially opening the way for DOGE to target higher resistance levels. On the other hand, failing to surpass this barrier could lead to increased selling pressure, pushing the price towards lower support areas. Analyzing recent price fluctuations of DOGE The recent price fluctuations of Dogecoin have posed a significant challenge for buyers. Despite an initial recovery, DOGE has struggled to break through the resistance level at the 4-hour SMA, which has become a crucial barrier. This shows that the upward momentum has stalled and market sentiment may be changing. The inability to break through this key level may indicate that the likelihood of further price increases is low without consolidation or additional catalysts for price increases. In addition, the Relative Strength Index (RSI) indicator provides further confirmation of the current downtrend as the RSI line continues to stay below the 50% threshold. RSI is widely used to assess the strength of the market, and when RSI stays below the 50% threshold, it often signals that selling pressure is prevailing over buying activity. This aligns with the recent price action of DOGE as the asset struggles to break through the key resistance level at the 4-hour SMA.

DOGE's RSI failed to surpass the 50% level, implying that selling pressure persists, limiting the potential for upward momentum of this meme coin. As long as the RSI remains below 50%, selling pressure may continue, making it difficult for Dogecoin to break through resistance levels and potentially push the price down to lower support levels. The reversal in price increase will require RSI to rise above 50%, signaling a change in market sentiment. Currently, the bearish tone indicated by RSI highlights the challenges that DOGE must face in maintaining its upward trajectory. Important support and resistance levels to watch For DOGE, the support and resistance levels provide important insights into future price movements. The price of Dogecon is currently testing the $0.3066 support level, which could act as a base if the downward trend continues. If DOGE falls below this support level, it could target $0.2677, indicating further downside risks. On the positive side, if Dogecoin has a positive change and surpasses the 4-hour SMA, the immediate resistance level to watch is $0.3563. Furthermore, successfully breaking this level could pave the way for further upward movement, with the next target being the $0.4 resistance area. DYOR! #Write2Earn #Write&Earn $DOGE {spot}(DOGEUSDT)