- Dogecoin continues forming weekly higher highs, showing strong demand and bullish market cycles.
- Key support between $0.142–$0.160 holds firm, signaling another potential breakout toward $0.21.
- RSI, MACD, and MVRV indicators suggest a bullish reversal is forming if $0.16 remains intact.
Dogecoin is currently trading at $0.1651 and is showing a strong pattern of weekly consolidation followed by upward moves. According to market observers, each cycle has ended in a higher high, pointing to sustained demand growth. The current structure suggests the potential for a continued price recovery in the near term.
Bulls Defend Key Support as Price Forms Higher Highs
According to analysis prepared by Bitcoinsensus, Dogecoin has maintained a pattern of mini weekly cycles. The asset has been ranging for a few weeks before each breakout, and each breakout has formed a new higher high. This trend, seen since late 2024, reflects a growing interest in the asset.
The current bounce from $0.142 again confirms the importance of the demand zone between $0.142 and $0.160. This same level supported strong price rebounds in March and April. At both points, Dogecoin rallied over 40% in the following weeks, backed by rising volume and positive market sentiment.
The recent defense of this zone aligns with historical price behavior. According to BitGuru, Dogecoin may be entering a bullish reversal stage. If bulls push above the current consolidation zone, the next key resistance sits near $0.21.
Indicators Support Continued Uptrend Toward $0.21
Technical indicators now show signs of recovery. The RSI is close to oversold levels, indicating reduced selling pressure. The MACD is approaching a bullish crossover on the daily chart, which could confirm the ongoing reversal trend if completed.
Data from Santiment shows the 30-day Market Value to Realized Value (MVRV) ratio has dropped to -15.43%. This suggests that many traders are holding at a loss, and could avoid selling, which may support price recovery.
Dogecoin must hold the $0.16 support to avoid a larger correction. If bulls maintain momentum and break above $0.21, price could target higher levels supported by strong past recovery patterns.
