Dogecoin is currently consolidating just below the $0.25 resistance zone, indicating potential renewed strength. With Bitcoin maintaining levels near its all-time highs, bullish sentiment is gradually returning to the altcoin market. Market analysts are closely monitoring for a breakout above $0.25, which could signal the commencement of the next upward phase.
Price action for Dogecoin has been constructive, consistently defending higher lows within a crucial trading range. Analyst Ali Martinez has pointed out a buy signal from the TD Sequential indicator on Dogecoin's hourly chart. Historically, such patterns have preceded short-term rebounds and reversals in trend.
After experiencing a surge of over 90% since early April, Dogecoin has slightly cooled off but remains firmly in bullish territory. Martinez highlighted the TD Sequential buy signal on the 1-hour chart. Should bulls successfully breach the resistance and validate the TD signal with increased volume, DOGE could swiftly retest higher price levels.
It is crucial for bulls to maintain the $0.21 support level while seeking momentum to surpass the current range. If favorable market conditions persist and DOGE reclaims $0.25 with substantial volume, a new upward movement may ensue. The overall setup remains constructive, supported by strong technical factors and initial signals suggesting a potential breakout.
This article is based on our author's analysis of materials.