- DOGE has bounced back from a “discount zone,” showing signs of upward momentum.
- The first resistance level for DOGE is at $0.2589, with a target range of $0.2680-$0.2816.
- If bulls maintain control, DOGE could surpass $0.28, marking a significant milestone.
DOGE has rebounded from a ‘discount zone,’ drawing increased investor interest. In an X post on Wednesday, analyst BullishBanter noted that the DOGE price direction indicates an upward inclination. Current indicators suggest that DOGE is trending in favor of the bulls, with key levels determining its short-term upward potential.
Resistance and Support Levels
The analyst identified the initial resistance level at $0.25896. If DOGE surpasses this level, the next key resistance zone lies between $0.26801 and $0.28166. This range could act as a key accumulation zone, driving buying momentum. The analyst stated that overcoming these levels would open the way to a powerful rebound.
The analyst drew a target price for DOGE that is significantly higher than the $0.28 price level. If DOGE reaches this level, it would mark a significant milestone for the cryptocurrency market. He emphasized that bulls currently dominate the market and suggested that the next one or two days will determine whether the bullish trend continues.
The focus is now on whether DOGE can maintain its price above $0.25896. This level is pivotal, and if bulls can defend it firmly, there is a chance of going closer to higher levels. However, the general market situation will influence the price of DOGE in the future.
Related: Will Dogecoin Follow Past Trends After MVRV Death Cross?
As of press time, DOGE is trading at $0.2534, down by a marginal 0.27% over the last day. However, cryptocurrency has been slightly up by 0.71% in the last week. DOGE’s daily trading volume remains around $1.31 billion, reflecting a 14.05% decline in the past 24 hours.
Short-term indicators suggest a bullish sentiment supporting DOGE’s current price movement. If bulls are able to hold major support levels and remain bullish, further upward movement could trigger a breakout, leading to a potential price surge. This could set the stage for DOGE to target $0.28 or higher in the near future.
