Dogecoin's Chart Screams Caution As Bulls Get Rejected Again

Dogecoin DOGE/USD bulls just hit a wall and the charts are flashing a clear warning for anyone chasing this bounce.

After briefly popping above $0.23, DOGE got slapped down at the same descending trendline that's rejected every breakout since May 22.

Momentum is fading, and price is getting squeezed into a pressure zone that could erupt soon.

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Repeated Rejections Fuel Breakdown Risk

DOGE price forecast (Source: TradingView)

Zooming in on the 4-hour and 30-minute charts, DOGE has been stuck in a descending triangle, making lower highs with each failed breakout.

The most recent rejection came precisely at the 0.236 Fibonacci retracement level ($0.2289), an area that has become a pivot point between hope and panic.

Bollinger Bands are tightening around the $0.225 zone on the 4-hour chart, which typically precedes a volatility spike.

A breakdown below $0.221 could trigger a flush toward $0.210—the next major demand zone seen on both the Fib levels and past liquidity sweeps.

If that doesn't hold, $0.194 is back in play.

The trendline isn't just holding price down; it's holding sentiment hostage. Until DOGE can break cleanly above $0.236 and flip it into support, this remains a fade-the-rally setup.

Also read: Dogecoin, Shiba Inu And Other Meme Coins Are Entry Points To Crypto Ecosystem: Report

Key Indicators Just Flipped Bearish Again

DOGE price forecast (Source: TradingView)

Momentum is soft across the board. The RSI on the 30-minute timeframe is already rolling over below 50 (at 49.25), while the MACD has gone flat, hinting at a pending bearish crossover.

Even the Ichimoku Cloud's brief bullish flicker has faded, with price falling back below the conversion line.

On the 4-hour chart, the 20 and 50-day exponential moving averages are losing slope and sitting right around $0.226–$0.227, adding more weight to that resistance band.

The price is coiling just above key moving averages, but without volume or conviction from bulls, this setup is fragile at best.

Also read: Michael Saylor Calls Proof Of Reserves A ‘Crypto Parlor Trick’, But Binance’s Ex-CEO CZ Isn’t Having It: ‘He Probably Sold Bitcoins’

May 28 Outlook: Will Dogecoin Break Out or Break Down?

DOGE price forecast (Source: TradingView)

Dogecoin's price action is tightening fast, and a big move is just around the corner.

If bulls fail to reclaim $0.236 and close the day above $0.240, the next stop could be a sharp drop toward $0.210—and possibly even $0.194.

On the flip side, a strong breakout and daily hold above $0.240 could ignite a new rally, opening the door to $0.248 and $0.257.

Until that level breaks with conviction, every bounce risks becoming a bull trap in disguise.

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