- Dogecoin trades above $0.15 support, maintaining structure for a possible move toward $0.22.
- Despite a drop in volume, DOGE shows bullish momentum with a recent breakout above $0.1688.
- A breakout above downtrend resistance could lead to further gains, according to market observations.
Dogecoin (DOGE) is showing renewed strength as it continues to trade above the key support level of $0.15. The cryptocurrency recently climbed over 4% in a single day, and analysts are closely watching its next move. According to analysts, holding above $0.15 could support a rebound toward the $0.22 level.
DOGE Holds Support as Price Builds Toward $0.22
Dogecoin is currently trading around $0.1714, gaining 4.5% in the past 24 hours. The support level at $0.15 has held firm since mid-June, despite broader market volatility. According to analysis prepared by Ali Charts, the longer Dogecoin stays above $0.15, the stronger the odds for a rebound to $0.22.
The trendline has been on an upward trend since late 2023 and it is actually coinciding with this support of 0.15. The price action has been obeying this formation and the Fib retracement levels suggest no less than consolidation in the price between the levels of 0.14500 and 0.18500. DOGE has remained stable within this range while creating higher lows along the trendline.
A recent chart from Binance shows a daily close near $0.16307, just above the 0.5 Fibonacci level at $0.16432. The 0.618 level at $0.21023 acted as resistance previously, with price reversing after reaching it. For now, DOGE remains positioned above mid-range support with potential to retest this resistance.
Volume Drops, But Price Action Remains Bullish
While DOGE’s price increased, trading volume decreased by 31.12% in the past 24 hours, now standing at $528.6 million. The volume-to-market cap ratio remains low at 2.06%, indicating reduced market participation despite recent price strength.
According to an observation by CryptoAnup, DOGE looks ready for another breakout. He stated that after bouncing off support, a breakout above the downtrend resistance could trigger a strong move.
The price spiked from $0.166 to $0.171 in under two hours, breaking the $0.1688 resistance level and closing strong. DOGE holds the #9 spot by market cap, now at $25.71 billion. As long as the price stays above $0.15, the setup remains intact for a move toward $0.22.
