Dogecoin is testing demand above $0.40 after several days of consolidating below this year's high of $0.484. This volatile price phase has made traders anxious, as Dogecoin's price seems poised for a decisive move. Although the upward momentum has temporarily stalled, market sentiment remains optimistic, with many investors anticipating another breakout.

Top analyst and trader Hardy recently shared a technical analysis highlighting Dogecoin's strong bullish potential. According to Hardy, it is only a matter of time before DOGE breaks to a new all-time high. His analysis indicates that Dogecoin is building a solid foundation and that continued consolidation at its current level is a bullish signal.

If Dogecoin maintains support above $0.40, this phase may be setting up for a significant price rally in the coming weeks. However, much will depend on broader market conditions and DOGE's ability to sustain buying pressure. All eyes are on the potential to overcome resistance and continue its upward trend. With whale activity and trading volume showing signs of growth, Dogecoin may soon retest its highs, opening a new chapter in price exploration.

Dogecoin is consolidating at its current level.

Dogecoin is consolidating below this year's high of $0.484 after an impressive rally, and it seems this sideways phase may last for a while. Although price action has cooled, investor sentiment remains significantly optimistic, with many viewing this consolidation as a stepping stone towards higher prices.

Top analyst and trader Hardy recently shared a detailed technical analysis on X, providing a bullish outlook for Dogecoin. According to Hardy, DOGE's current price action is a healthy consolidation within a broader uptrend. He emphasizes that the asset is building a solid foundation, increasing the likelihood of a significant breakout. Hardy's forecast suggests that Dogecoin is ready to surpass this year's highs and is also on track to achieve 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 outlined a potential price trajectory, predicting that Dogecoin will consolidate at its current level for several weeks before continuing its upward trend. His optimistic target for DOGE is $2, which he believes is achievable if the broader market remains favorable and buying pressure increases.

While the consolidation may challenge traders' patience, Hardy's analysis aligns with the broader view that Dogecoin is gearing up for another significant leap. A new ATH could be on the horizon 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% drop from its local high. Despite this pullback, the price has held above this important demand level, signaling a recovery among bullish speculators. Market participants are closely monitoring the $0.40 region, which represents a crucial point for determining DOGE's next move.

If DOGE can reclaim the $0.43 level in the coming days, it is likely to set the stage for a retest of this year's high of $0.484. A breakthrough above this resistance could spark bullish momentum and pave the way for further price increases, potentially attracting new interest from traders and investors. However, maintaining support and gaining traction is essential for this scenario to unfold.

On the other hand, losing the $0.40 level could signal that bearish sentiment is gaining control over the market. In this case, DOGE may face a deeper correction, with the next key support levels likely appearing around $0.36. Such a move would challenge the bullish outlook and delay DOGE's efforts to reach new highs.

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