- Dogecoin price surges from $0.231 to $0.277, with large holders boosting bullish sentiment, targeting $0.26 resistance.
- Consolidation phase between $0.246–$0.266 sets the stage for Dogecoin price breakout above $0.261, with support at $0.201.
- Dogecoin price faces resistance at $0.26, with key support between $0.20–$0.22, and potential for gains towards $0.30.Â
Dogecoin price has been rising steadily over the past weeks, and the cryptocurrency is currently targeting a significant resistance region $0.26. Dogecoin price potential as a subject of interest as the market momentum remains positive. This bullish move is after a consolidation pattern when Dogecoin price is poised to break out.
Dogecoin Price Targets $0.26 Resistance as Bullish Trend Strengthens
Dogecoin price has been witnessing an uptrend since early July, with a 21.6% increase in the price since July, with major holders piling on significantly. Analyst Ali Charts also pointed out that these players saw the chance to add to their positions when the price went higher and this further enhanced the bullish sentiment. This build-up period is a sign that whales investors are confident in Dogecoin, which is consistent with the general increase in its value.
Source: Ali Chart/X
However, after peaking in mid-July, the Dogecoin price entered a consolidation phase, fluctuating between $0.246 and $0.266. Ali Charts explained that this phase reflects some market indecision, with investors awaiting clearer signals for the next move. While consolidation can be a sign of market uncertainty, it also serves as a healthy pause in an uptrend, allowing the market to digest recent gains without a significant pullback.
The current Dogecoin price is at approximately $0.246, and the Dogecoin resistance lies between the value of $0.261 and $0.266, and support sits at $0.201 and $0.216. Trader Tardigrade claims that the bullish perspectives are still present, as long as the price stays above the level of $0.201.
An upside breakout above $0.261 may see a retest of the new high of $0.277 supporting the bullish move. Conversely, a decline past the $0.201 mark might warn of additional declines to the Dogecoin price.
Source: Trader Tardigrade/X
The resistance on Dogecoin price still holds at this level at $0.26. Should the price succeed in breaching this barrier, it may drive the price to the next major resistance area at $0.30, and potentially, $0.75. At a current price of around $0.246, recent accumulation among large holders is a sign of significant support to continue growing.
As Trader Tardigrade points out, as long as Dogecoin remains above the support zones, market sentiment is optimistic. Nonetheless, the price may be affected by such factors as the condition of the market and the news on regulations. As long as the Dogecoin price holds support in the $0.20 range and $0.22 range, the bullish trend is likely to continue.
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