Key Insights:
- Strong support holding near $0.17 weekly trendline base.
- Multiple bounces confirm bullish pressure building toward a breakout.
- Break above $0.17 targets $0.2+ continuation move.
Dogecoin price has gained attention again as crypto markets show signs of recovery and investor confidence improves. The memecoin was trading above key support, hinting at a possible bullish move if momentum strengthens.
DOGE price has created a descending triangle on the daily chart. Also, it is currently being tested at the bottom of its formation. A rebound at this level could spark upward price movement. Broader market consolidation is encouraging a bullish sentiment among traders.
Analyst Predicts Dogecoin Price Breakout Amid Bullish Momentum
Crypto analyst Ledger Bull has outlined a significant technical development for the Dogecoin price. This showed a clear breach of its long-term trend.
The meme coin is trading slowly under a major resistance area, and with this development, the buyers are establishing control. According to the analyst, this movement isn’t just speculative hype. It reflects a notable structural shift in the chart pattern.
The analyst outlined three key upside targets for Dogecoin if momentum continues to grow. The first price level is around $0.20333, which could act as a near-term resistance. If bullish sentiment strengthens, the next level is $0.22899.
Should the rally gain serious traction, a more ambitious target is $0.25383. These projections are contingent on the asset staying above the identified breakout zone.
According to the analyst, this move could begin a broader upward trend. As long as DOGE price maintains its position above the breakout level, bullish traders may soon have the upper hand.
DOGE Price Retests Key Downtrend Resistance Line
Crypto analyst Trader Tardigrade has highlighted a key technical development in Dogecoin’s market structure. A substantial falling line on the 4-hour chart is retesting the Dogecoin price.
It is a resistance trend line that has served the same purpose. Also, it is being tested again following a recent upward movement. Analyst pointed out that DOGE price had faced rejection at this trendline several times, as red markers on the chart indicated.
The current price action suggests that DOGE may be attempting to flip this long-standing resistance into support. Such a retest often signals a possible shift in market sentiment, with traders closely watching for confirmation.
Dogecoin Price Holds Steady Amid Consolidation
The latest Dogecoin price is trading at $0.16424 as of July 5, showing a modest 0.83% surge. Despite the recent bearish drive, the crypto has risen above a vital support line of $0.12. The daily indicator indicates that the DOGE is in its consolidation period with a resistance level of $0.25 in sight.
On the 4-hour chart, the RSI has registered a neutral momentum with bullish leanings at 44.82. RSI is still below the midline of 50, meaning the bulls have yet to take over control fully.
However, it is sitting above the 41.06 signal but is developing a higher buying pressure. A slight bullish crossover has developed on the MACD (Moving Average Convergence Divergence) indicator.
The signal line is at -0.00691, whereas the MACD line is at 0.00166, making it cross over the signal line. This crossover might show a possibility of a trend reversal, but this is still to be confirmed by a more substantial price rise.
DOGE price has been stuck in a range. Also, the breakout above the $25 mark may indicate the continuation of the upward trend. If the bulls break above the mark, the next resistance prices are $0.30 and $0.35.
Conversely, Dogecoin price may plunge back to $0.12 on the downside. This may occur if the alt does not hold critical support at $0.16.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Annah enjoys writing about cryptocurrency and blockchain technology. With More than 6 years of experience. For years she has followed their development and now believes these technologies could potentially revolutionize many industries. She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.