Dogecoin Encountered Resilient Resistance at $0.23 – Price Analysis

The past sessions have DOGE retracing towards the support area at $0.2190. The meme coin plunged as the altcoin market traded in weaknesses.

For now, DOGE attempts to settle beneath the support area at $0.2190 while BTC tries to test the resistance near the 50 Exponential Moving Average at $45,300. Meanwhile, the world’s leading coin managed to rise from $40,000 to explore $45,000 price levels in 48 hours. That was after traders took advantage of the recent dip to add their holdings. While writing this, the asset trade inches close to $45,000 at $44,955.

Meanwhile, some digital tokens have traded lower. Ether, the leading alternative coin, attempts to maintain its price activities under $3,100. XRP continues to stabilize beneath $0.97 as Shiba Inu tests the support near $0.0000073 at the 50-EMA.

The alt market trades under pressure on Friday, translating to DOGE bearishness. However, such conditions might shift within no time if BTC settles beyond the 50 exponential moving average. Such a move will support the broad market rally.

Technical Analysis

DOGE encountered a massive resistance around $0.23 and plunged to the support located at $0.2190. If the leading meme token stabilizes under this area, it will drop to the following support standing at $0.2130.

For now, the Relative Strength Index is inside a moderate region. That way, the asset has increased possibilities of gaining downswings with the correct catalysts. If DOGE maintains under $0.2130, the token will head to the support around $0.2050. Any move under this price area will see DOGE testing the support neat its latest lows locates at $0.20.

If upswing catalysts emerge, DOGE will meet its closest resistance at $0.2255. If it succeeds in testing this area, it will gain the momentum to surge towards the resistance located at its latest peak at $0.23. Dogecoin has tested this resistance multiple times, and it proved strong.

If the canine-themed crypto manages to stabilize over the resistance near $0.23, it might rise to the following resistance at $0.2350. Successful actions to overcome this area will take DOGE to $0.24 at the 20-EMA.

Does Dogecoin have what it takes to overcome the resistance at $0.23? You can share your views in the section below.