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Dogecoin is testing demand above the $0.40 level after several days of consolidation below the yearly high of $0.484. This period of volatile price action has kept traders on edge, as Dogecoin price seems poised for a decisive move. Despite the pause in bullish momentum, market sentiment remains optimistic, with many investors anticipating another breakout.
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Senior analyst and trader Hardy recently shared a technical analysis highlighting Dogecoin’s potential for a massive price rally. According to Hardy, it is only a matter of time before DOGE reaches all-time highs. His analysis indicates that Dogecoin is building a strong foundation, and continued consolidation at current levels is a bullish signal.
If Dogecoin maintains support above $0.40, the way could be set for a significant rally in the coming weeks. However, much will depend on broader market conditions and DOGE’s ability to sustain buying pressure. All eyes are on its ability to overcome resistance and resume its upward trend. With whale activity and trading volumes showing signs of growth, Dogecoin could soon retest its highs, heralding a new chapter of price discovery.
Dogecoin is consolidating at current levels
Dogecoin is consolidating below its yearly high at $0.484 after an impressive rally, and it looks like this phase of sideways movement may continue for some time. While price action has calmed, investor sentiment remains remarkably optimistic, with many viewing this consolidation as a stepping stone towards higher price levels.
Senior analyst and recent hardy trader Share detailed technical analysis on Xand presents a bullish outlook for Dogecoin. According to Hardy, DOGE’s current price action is a healthy consolidation within a broader uptrend. He stressed that the asset is building a solid base, which increases the possibility of a major breakout. Hardy’s forecast indicates that Dogecoin is on the cusp of surpassing its yearly high and is also on track to achieve a new all-time high (ATH).
In his analysis, Hardy highlighted key support levels around $0.40 and $0.36, suggesting that these areas are crucial to maintaining the bullish structure. He also charted a possible path for the price, predicting that Dogecoin will consolidate at current levels for several weeks before resuming its upward momentum. His optimistic target for DOGE is $2, which he believes can be achieved if the broader market remains favorable and buying pressure intensifies.
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While the consolidation may test traders’ patience, Hardy’s analysis is consistent with the broader view that Dogecoin is poised for another big move. A new ATH could be just around the corner as long as it holds key support levels and sentiment remains positive.
DOGE Price Action: Key Levels to Watch
Dogecoin (DOGE) is trading at $0.40 after a 24% bounce from local highs. Despite this pullback, the price has surpassed this key demand level, indicating resilience among the bulls. Market participants are closely monitoring the $0.40 area, which represents a critical point to determine the next move in DOGE price action.
If DOGE can reclaim the $0.43 level in the coming days, it could potentially pave the way for a retest of the yearly high at $0.484. A break above this resistance could reignite bullish momentum and pave the way for further upside, which could attract renewed interest from traders and investors. However, maintaining support and gaining momentum is essential for this scenario to materialize.
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On the other hand, losing the $0.40 level may indicate that bearish sentiment is gaining control of the market. In this case, DOGE may face a deeper correction, with the next critical support levels likely to emerge near $0.36. Such a move would challenge the bullish outlook and delay DOGE’s efforts to reach new highs.
Featured image by Dall-E, chart from TradingView
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