Dogecoin has risen 22.3% in seven days, reaching $0.2434 and approaching key resistance at $0.2435.
Strong support at $0.2205 has held firm, enabling the asset’s 15% recovery from recent lows.
Technical projections point toward a possible move to $0.3299, representing an 18.77% gain from the breakout.
Dogecoin’s market recovery has gained momentum, with the asset recording an almost 15% profit from its recent lows. The cryptocurrency price has grown by 22.3% over the last seven days and currently stops at $0.2434. This follows the token bouncing back at a critical support level of $0.2205.
The price is moving upwards steadily, and the activity on the market has been trending in the same direction toward the immediate resistance at the cost of 0.2435. The trend has attracted what is called a possible replay on an upward trend considering the present-day atmosphere.
Price Holds Above Support as Momentum Builds
Over the past week, Dogecoin has maintained strength above the $0.2205 support level. This area has acted as a firm base for the recent rally. Price action indicates that buyers stepped in after a brief consolidation phase, preventing any sustained break below the level. Notably, the asset’s move above multiple short-term trend lines has supported bullish momentum in the daily chart.
The market’s upward pressure has aligned with a steady increase in trading volume. This increase suggests that market participants are actively engaging during the current upward phase. Moreover, price consolidation just above support has allowed the asset to stabilize before testing resistance levels.
Resistance Test Nears After Breakout Structure
The current resistance level of $0.2435 now stands as a decisive technical barrier. Price action has approached this level following a clear breakout from a prolonged descending structure on the daily timeframe. This breakout has shifted the trend into a more upward-facing pattern, supported by stronger daily closes above key moving averages.
Source: (X)
The technical setup shows potential for continued movement toward the $0.3299 mark. This level represents an anticipated target zone following the measured breakout from the chart’s triangle formation. Price projections show an 18.77% move from the breakout point, positioning the target within range if buying pressure sustains.
Short-Term Projections Align With Strength Indicators
Short-term projections remain consistent with the observed market structure. Current market data shows price holding firmly between the identified support and resistance levels. If the price maintains its position above $0.2205, a follow-through move toward higher resistance remains plausible.
At the same time, price movement patterns on the chart indicate a series of higher lows. This formation continues to reinforce the ongoing upward trajectory. The next significant development will depend on the reaction at the $0.2435 resistance level, as market participants monitor momentum closely.
