Dogecoin 
$0.228757 (DOGE) is currently fighting to recover from a steep decline in the last trading session. However, its price remains trapped within a descending channel, struggling to break through significant resistance levels. Traders are closely focusing on the support and resistance points that will determine DOGE’s direction.
Key Support and Resistance Levels for Dogecoin
As of this writing, Dogecoin is trading at $0.244, reflecting a 2.12% gain over the last 12 hours. However, this rise encountered strong resistance at the $0.262 level, which overlaps with the 0.236 Fibonacci retracement point, making it difficult for the price to climb further.
The next critical resistance level to watch is $0.274, which coincides with the 0.382 Fibonacci level and could be a pivotal point for DOGE. If this level is surpassed, the memecoin price could potentially rise to $0.284, where the 50% Fibonacci level lies, marking another critical resistance point.
On the other hand, support levels are being closely monitored. The nearest support point for DOGE is currently at $0.238. If the price drops below this zone, traders will be watching the $0.220 level, which may serve as a psychological barrier that could determine the memecoin’s fate.
Overall, for Dogecoin to enter a bullish trend, it needs to break above the $0.274 level. Falling below $0.238 could cause the price to slide down to $0.220. The 50-day moving average at $0.271 also stands out as a significant resistance level.
What Do Technical Indicators Say for DOGE Coin?
DOGE coin is currently trending within a descending channel formation. This structure limits the bulls’ upward moves, increasing market pressure. Additionally, the 50-day moving average at $0.271 remains a crucial resistance level; a strong bullish scenario seems unlikely without a sustained breakout above this level.
For a long-term bullish trend to be established, DOGE needs to surpass the 200-day moving average at $0.348. However, the current price movements indicate that reaching this level may take some time.
Data from the market value to realized value ratio (MVRV) is also noteworthy. The MVRV ratio, standing at -11.69% over the past 30 days, suggests that DOGE is currently undervalued compared to historical prices. This situation could present opportunities for traders, but it may also signal a lack of interest in Dogecoin from the market.
