Dogecoin Struggles to Break $0.2550 Resistance Amidst Tight Range Trading

Dogecoin (DOGE) has been trading in a tight range, with prices hovering around the $0.2550 level. The cryptocurrency has been unable to break above this resistance, despite several attempts. This consolidation phase has left investors wondering whether a breakout or breakdown is imminent.

Dogecoin started a fresh decline below the $0.2620 zone against the US Dollar. DOGE is now consolidating and struggling to clear the $0.2550 resistance. The price is trading below the $0.2580 level and the 100-hourly simple moving average. There was a break above a connecting bearish trend line with resistance at $0.2540 on the hourly chart of the DOGE/USD pair. However, the price could start another increase if it clears the $0.2550 and $0.2620 resistance levels.

Dogecoin price started a fresh decline below the $0.2750 zone, unlike Bitcoin and Ethereum. DOGE dipped below the $0.270 and $0.2620 support levels. It even spiked below $0.2550. A low was formed at $0.2420 and the price is now attempting to recover. There was a move above the 23.6% Fib retracement level of the downward move from the $0.2830 swing high to the $0.2420 low. There was also a break above a connecting bearish trend line with resistance at $0.2540 on the hourly chart of the DOGE/USD pair. However, the pair is struggling to settle above the $0.2550 resistance level. Dogecoin price is now trading below the $0.2540 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.2550 level.

The first major resistance for the bulls could be near the $0.2625 level or the 50% Fib retracement level of the downward move from the $0.2830 swing high to the $0.2420 low. The next major resistance is near the $0.2720 level. A close above the $0.