DOGUSDT Pulls Back After Failing to Break Resistance
Dog (DOGUSDT) has seen selling pressure intensify over the past 24 hours, slipping to around $0.00324 after a rejection from its overhead resistance. The move comes as broader market volatility weighs on smaller-cap altcoins, with technical patterns pointing toward a decisive price test in the coming sessions.
The 4-hour chart reveals that DOG recently broke out of a multi-week descending channel that had dominated price action since late May. After the breakout in late June, the token made multiple attempts to rally toward the $0.00380–$0.00400 resistance zone, but sellers remained in control.
In recent days, the failure to sustain momentum above $0.00350 has led to a retest of the short-term support area at $0.00320–$0.00325. This green zone has previously acted as a bounce point, but a breach could expose the $0.00280–$0.00290 demand zone, highlighted in orange on the chart.
“If DOG fails to hold the $0.00320 level, we could see a deeper retracement toward the $0.00285 area, which was the base of the July rally,”According to BITX technical analyst. “On the flip side, reclaiming $0.00350 with volume would improve the outlook.”
Key Levels to Watch
- Immediate support: $0.00320–$0.00325
- Major support: $0.00280–$0.00290
- Resistance: $0.00380–$0.00400
Volume data shows a decline since the early August spike, suggesting waning bullish conviction. Without renewed buying interest, DOG risks slipping back into the lower range it consolidated in during late June and early July.
The token’s short-term trend remains fragile, with sentiment largely dictated by broader cryptocurrency market movements. Analysts note that a sustained recovery in Bitcoin and Ethereum could provide the backdrop for DOG to retest its resistance levels, but for now, buyers must defend the $0.00320 mark to prevent further losses.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.