Dogecoin is trading around $0.1915 with a 2.6% gain as it attempts a recovery from recent losses

Price is holding above the $0.185–$0.19 support zone, which aligns with key moving averages

Resistance between $0.208 and $0.223 remains a major hurdle for further upside

RSI is deeply oversold, suggesting a potential short-term bounce if support holds

Dogecoin (DOGE) is currently trading at around $0.1915, showing a modest gain of over 2.6% in the past few hours. The market is attempting a recovery following a sharp decline, with price action hovering just above a key support level. Despite the short-term bounce, the broader trend remains bearish as DOGE struggles to regain momentum after falling from recent highs near $0.26.

DOGE Support Holds at $0.19, Recovery in Sight

On the 4-hour chart, DOGE recently retested a strong support zone between $0.185 and $0.19, which aligns with the 200-day Simple Moving Average (SMA) and the 9-day Exponential Moving Average (EMA). This area has proven to be a crucial defense line for bulls, helping to temporarily halt the downward momentum.

LuxAlgo indicators also highlight this zone as a key demand area, suggesting increased buying interest. However, the overall moving average structure remains tilted to the downside, with shorter-term SMAs trending below the long-term ones, a sign that bearish pressure is still present.

DOGE’s Recovery Faces Strong Resistance at $0.21–Will It Hold? 5

Resistance is now building between $0.208 and $0.223, where previous breakdowns occurred. This zone overlaps with the MA Ribbon and historical supply areas, making it a challenging barrier to break. A successful move above this range could trigger a larger recovery and open the door for a push back toward $0.24–$0.26. Until then, the upside remains limited and vulnerable to selling at each resistance level.

Momentum indicators are also signaling a potential turnaround. The Relative Strength Index (RSI) is hovering at 28.25, deep in oversold territory. This typically suggests that selling may have been overextended, and a short-term bounce could follow. The MACD, while still negative, is showing signs of flattening. If a bullish crossover occurs, it could confirm a shift in momentum favoring the bulls.

DOGE’s Recovery Faces Strong Resistance at $0.21–Will It Hold? 6

Dogecoin is attempting to recover from oversold conditions, with price currently holding above a critical support level. If this area continues to hold, DOGE could target the $0.21–$0.223 resistance range. However, failure to maintain support around $0.19 could lead to further losses, with the next major downside target near $0.17.

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Filed under: Bitcoin - @ June 1, 2025 1:00 am