Dogecoin Price Struggles: 5 Critical Levels Traders Must Watch

Dogecoin Faces Resistance Amid Market Volatility

Dogecoin (DOGE) is facing resistance in its price progression due to market volatility. After falling below support levels of $0.270 and $0.260, the market experienced a downward price movement from the $0.2840 resistance point. Despite recovery attempts, DOGE remains under pressure due to significant resistance at $0.260 and $0.2670.

Dogecoin's Price Movement and Key Resistance Levels

After reaching a low of $0.2420, Dogecoin attempted to recover. It briefly surpassed $0.2500 before falling below the 23.6% Fibonacci retracement level, signaling continued bearish sentiment.

A descending trend line exists, with immediate resistance at $0.2560 in the DOGE/USD hourly market. If the price breaks through $0.2670, a significant upward movement could occur. Conversely, failure to surpass $0.2670 could lead to continued selling pressure.

Elliott Wave Theory and Long-Term Growth Potential

Dogecoin's price exhibited an Elliott Wave pattern, suggesting structured market movements. The first wave reached $0.2288 in March 2024, followed by a decline to $0.0805 in August 2024.

A third wave propelled the price to a four-year high of $0.4843 in December 2024. Analysts predict continued upward movement above these resistance points. According to Fibonacci measurements, DOGE has the potential to reach $1.1293.

Factors Affecting Dogecoin's Recovery

Weak buying signals, bearish trend lines, and moving averages are hindering Dogecoin's recovery. External factors such as market sentiment and regulatory actions also influence its price movements.

Conclusion

Dogecoin's price is at a critical juncture, facing resistance at key levels. While the Elliott Wave pattern suggests growth potential in 2025, short-term obstacles remain. A breakout above $0.2670 could initiate an upward trend, while failure to maintain support could lead to further declines. Traders should monitor the $0.260 and $0.2670 levels for potential price movements.