๐ถ Dogecoin Holds the Line โ Second Support Retest Sparks Bounce Hopes
Dogecoin ($DOGE ) is showing fresh signs of life after surging toward the $0.17 resistance level on Wednesday, reigniting hopes for a bullish reversal. After enduring an extended bearish stretch, the beloved meme coin is now back above critical barrier levels that previously capped its progress โ and analysts believe this could be a turning point. Renowned trader and crypto analyst Trader Tardigrade has highlighted a major technical development: DOGE has now retested a key long-term support line for the second time, mirroring a setup that led to a massive rally in September last year. Back then, the breakout sparked a powerful surge, and if history rhymes, Dogecoin could be gearing up for another explosive leg higher โ possibly even surpassing the elusive $0.90 mark to set a new all-time high.
Further strengthening the bullish outlook, DOGE has formed a classic Ascending Channel on the daily chart, with the price currently bouncing off the lower trendline. This pattern, characterized by rising highs and higher lows within parallel sloping lines, is often a signal of continuation in an uptrend. With DOGE now trading near $0.174 โ a 7% jump in the last 24 hours โ the next key resistance to watch is the upper boundary of the channel around $0.176. Adding to the optimism is a 105% spike in trading volume, suggesting renewed market confidence and growing interest in the meme token.
While the broader crypto market trends upward โ with Bitcoin reclaiming levels above $110K and Ethereum pushing past key resistance โ Dogecoin could be on the verge of its own breakout moment. Whether you're in it for the memes or the momentum, all eyes are now on DOGE as it tests the boundaries of a potential rally.