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Dogecoin experienced a modest rally yesterday, breaking through local highs and reaching $0.484. This move excited the DOGE community as the meme coin seemed poised to make further gains. However, the price has since retreated slightly and failed to confirm a break above this important resistance level.
Top analyst and trader Chez shared his insights on X and revealed that Dogecoin is nearing the high of its range. According to his technical analysis, a confirmed breakout above these levels could set the stage for a significant rally and push DOGE to new all-time highs.
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While recent price action has sparked optimism, the market remains cautious and bulls will need to maintain momentum for meaningful upside. Chez emphasized the importance of breaking through these critical resistance levels and stressed that a successful move could pave the way for DOGE to regain its bullish stance.
Dogecoin is at a critical crossroads, and the coming days will determine whether its price continues to rise or settles for further consolidation. All eyes are currently on the $0.484 level as traders await confirmation of a breakout or signs of fresh selling pressure.
Key levels of Dogecoin testing
Dogecoin is currently testing key liquidity levels around $0.44 and below the critical $0.50, sparking intense interest among traders. These levels act as both support and resistance and are very important in determining DOGE's next significant move. Analysts believe that if Dogecoin can break above these thresholds, there will be a clear path to new highs.
Top analyst and trader Cheds shared detailed technical analysis on X and highlighted that Dogecoin has been battling range highs since November 24th. Despite multiple attempts, Dogecoin has struggled to confirm a definitive breakout that would signal the beginning of a new bull market. According to Cheds, if the meme coin clears these critical levels, a massive rally could follow and the price could challenge all-time highs for the first time since 2021.
Dogecoin Press Range High | Source: Cheds on X
This outlook is in line with Dogecoin's recent price movement, which has shown resilience despite widespread market volatility. The next few days will be critical as traders wait to see if DOGE can consolidate the breakout and sustain its upward momentum.
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A break above $0.50 and sustaining that level for a few days will help Dogecoin move higher. If the bulls are successful, the market could witness another parabolic move and revive the excitement that historically drove DOGE to unprecedented highs.
Last supply level before rise
Dogecoin is trading at $0.43 after weeks of sideways consolidation and repeated failed breakouts, with investors growing frustrated with the sluggish price movement. Despite DOGE trying to gain upward momentum, it has struggled to break above key resistance levels, testing the patience of market participants without a definitive breakout.
DOGE Inspection Range Highest Based on Demand | Source: DOGEUSDT Chart on TradingView
All eyes are currently on the $0.44 level, which is an important threshold in Dogecoin’s price trajectory. If DOGE can sustain above this level over the next few days, a breakout could eventually materialize, leading to a surge to a higher resistance zone and reigniting investor enthusiasm.
However, downside risks remain significant. If Dogecoin cannot sustain current levels, it could face a deeper retracement and test the low demand zone as investors reassess their positions. This is likely to further weaken sentiment, leaving memecoin vulnerable to continued price declines and even bearish pressure.
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The next few days will be critical for DOGE as the market awaits a clear directional move. Whether it secures a breakout or retreats to lower levels, Dogecoin’s performance in this range could set the tone for price action towards the end of the year.
Featured image from Dall-E, chart from TradingView
