Dogecoin is experiencing a bullish correction post rejection at $0.30 resistance. The $0.24 support appears robust, potentially fueling further upward momentum. Stay tuned for key insights to monitor.
The recent price evolution of Dogecoin (DOGE) has highlighted the importance of the $0.30 level, which has represented significant resistance for the memecoin. After briefly surpassing this level, the price corrected downward, falling below the low value zone. Despite this pullback, the market structure remains bullish, with higher lows forming and strong confluence at the support level.
The point of control (POC), VWAP, and the 0.618 Fibonacci level all converge around $0.27, creating a particularly solid technical support zone. This high liquidity region has historically served as a foundation during Dogecoin’s consolidation phases, suggesting that the current correction is part of a broader bullish cycle.
Despite the rejection at the $0.30 resistance, Dogecoin’s market structure remains favorable for optimistic investors. Higher lows continue to form, framing the correction as an integral part of the bullish trend. As long as the support at $0.24 holds, the outlook remains positive for a return to resistance levels.
Indeed, the CM EMA trendbars are green in HTF on the 2-week chart, confirming a solid bullish phase for now. Still on the two-week charts, DOGE is facing a massive resistance zone between $0.30 and $0.397, which explains this short-term retracement.
If DOGE manages to break through this zone, it will target between $0.60 and $0.73, the price of its former ATH reached in 2021, in the coming months. This represents a potential increase of nearly 145%.
As long as Dogecoin maintains support at the POC level and at $0.22, the bullish structure remains valid. Traders should watch for bullish volume entries at each bounce from support, thus confirming momentum for a return to $0.30 and potentially beyond. A decisive reconquest of the resistance would likely pave the way for additional expansion.
In the context of a healthy uptrend, corrections to support zones are a positive sign. For Dogecoin, this movement reflects nothing more than another bullish selling event, resetting the market before continuation. Retests of previous highs have also led to pullbacks before the price recovered high levels and continued its progression.
DOGE displays a robust bullish structure, with key support at $0.24 and potential targets at $0.60-$0.73 by the end of 2025. High volumes and accumulation by whales support this optimism, but a fall below $0.22 could signal a correction.
But a 150% increase in a market lacking momentum is an opportunity to seize. Combining resilience and potential for gains superior to cryptos like XRP, SOL, or ETH, this might be the best time to ride the hype of the first memecoin ETF :
Here’s how to buy DOGE on Zoomex with ease :
Before investing, monitor technical levels and volumes to optimize your strategy.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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