In TERA there are several limitations when entering dungeon.
Dungeons might have maximum entrances each day (24h dungeon reset), or time limit before you can enter again. Generally players with elite/premium status have double entrances compared to free-to-play players.
In current patches Adventure Coins are limiting your dungeon entries.
Time Limitations[]
You can only enter a dungeon once per dungeon lockout. Each dungeon has separate times that it has, generally increasing as players level up. While locked out of a dungeon it is not possible to enter that specific dungeon, you can however enter a different dungeon while you wait.
As a bonus when using the Instance Matchmaking tool, the dungeon lockout timer will be halved (dunno if this still applies).
Level Limitations[]
Instances are designed for a certain character level - mainly because of the level of the mobs inside. Higher level mobs will crit your tank more often. Lower level mobs, on the other hand, may not pose enough of a challenge and will give you little to no experience.
The Instance Matchmaking tool shows the instances suggested for that level. Dungeons that are higher level than you are not shown. If you don't have required gear (based on item level) to enter dungeons are greyed out.
Each instance also has a minimum required level to actually be able to zone in, however this is considerably lower than the suggested level. Both these level requirements can be checked at the Instances by level article.