Dogecoin (DOGE) Price Analysis: At a Crossroads, Key Resistance and Support Levels

Dogecoin (DOGE) is at a crossroads, with its recent price action underscoring the importance of upcoming resistance and support levels.

Dogecoin (DOGE) has been closely observed by traders as it approaches critical resistance and support levels, presenting a pivotal juncture in its price action.

Technical analysis suggests that the memecoin is in the Wave 4 corrective phase of an Elliott Wave structure, with momentum building for either a breakout or breakdown.

DOGE Price Analysis: Daily Chart

The daily chart showcases DOGE correcting after a substantial bullish rally that peaked in Wave 3 near $0.48.

This was followed by an ABC corrective pattern that reached a low of $0.26 on Dec. 20.

DOGE has since been consolidating within a downward channel, with the 0.382 Fibonacci retracement level ($0.32) acting as resistance.

The RSI, approaching oversold levels, indicates diminished bearish momentum, although it hasn't yet signaled a complete reversal.

DOGE’s price has found support in the $0.29-$0.30 range, but a failure to hold this level could lead to a deeper retracement toward $0.24 (0.618 Fibonacci).

DOGE Price Analysis: Hourly Chart

Moving to the hourly chart, we observe a symmetrical triangle pattern forming, which typically denotes consolidation before a significant price move.

Wave 4 appears to be nearing completion, with price action hovering near key Fibonacci levels.

A breakout above the descending trendline near $0.35 could set the stage for bullish momentum, driving DOGE toward $0.39 (0.236 Fibonacci) and eventually $0.48, the previous high. This would confirm the beginning of Wave 5.

A failure to break above $0.35 could see DOGE retesting the 0.5 Fibonacci support at $0.29. Further downside could target the 0.618 level at $0.24, posing risks of extended bearish sentiment.

The RSI shows a slight bullish divergence on shorter timeframes, indicating waning bearish strength. However, market sentiment and trading volume will be crucial in confirming the next move.