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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 choppy price action has kept traders on edge as Dogecoin’s price looks poised for a decisive move. Despite the temporary pause in upward momentum, market sentiment remains optimistic, with many investors expecting another breakout.
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Top analyst and trader Hardy recently shared a technical analysis highlighting Dogecoin’s potential for massive price appreciation. According to Hardy, it is only a matter of time before DOGE reaches new all-time highs. His analysis suggests that Dogecoin is building a strong foundation, and the continued consolidation at current levels is a bullish signal.
If Dogecoin maintains support above $0.40, it could pave the way for a significant rally in the coming weeks. However, much will depend on broader market conditions and DOGE’s ability to sustain the buying pressure. All eyes are on its ability to overcome resistance and resume its bullish trend. With whale activity and trading volumes showing signs of growth, Dogecoin could soon retest its highs, ushering in a new chapter of price discovery.
Dogecoin is consolidating at current levels
Dogecoin is consolidating below its yearly high of $0.484 after an impressive rally, and it looks like this phase of sideways movement could continue for some time. Although price action has subsided, investor sentiment remains remarkably optimistic, with many viewing this consolidation as a stepping stone to even higher price levels.
Top analyst and trader Hardy recently shared a detailed technical analysis on Xwhich presents a bullish outlook for Dogecoin. According to Hardy, DOGE’s current price action is a healthy consolidation within a broader uptrend. He emphasized that the asset is building a solid foundation, which increases the chances of a significant breakout. Hardy’s projection suggests that Dogecoin is about to surpass its annual high and is also on track to hit a new all-time high (ATH).
In his analysis, Hardy highlighted key support levels around $0.40 and $0.36, indicating that these areas are crucial for maintaining the bullish structure. He also charted a potential price trajectory, predicting that Dogecoin will consolidate at current levels for several weeks before resuming its upward momentum. His bullish target for DOGE is $2, which he believes can be achieved if the broader market remains supportive and buying pressure increases.
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While consolidation may test traders’ patience, Hardy’s analysis fits with the broader view that Dogecoin is preparing for another big step forward. A new ATH could be 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% pullback from its local highs. Despite this pullback, the price has exceeded this key demand level, indicating resilience among bulls. Market participants are closely watching the $0.40 zone, which represents a crucial point for determining the next step in DOGE’s price action.
If DOGE can regain the $0.43 level in the coming days, it would likely pave the way for a retest of its yearly high at $0.484. A breakout above this resistance could reignite bullish momentum and pave the way for further uptrend, potentially attracting renewed interest from traders and investors. However, maintaining support and gaining traction is essential for this scenario to unfold.
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On the other hand, the loss of the $0.40 level could indicate that bearish sentiment is taking control of the market. In this case, DOGE could face a deeper correction, with the next critical support level likely to be around $0.36. Such a move would cast doubt on the bullish outlook and delay DOGE’s efforts to reach new highs.
Featured image of Dall-E, chart from TradingView
