Summary:
– DOGE has slipped 6.78% after a 63% surge, challenging the crucial $0.260–$0.265 support area.
– A drop below $0.260 could lead to a decline toward the $0.21389 breakout level.
– Analysts are still optimistic about reaching $0.38–$0.40 if the overall bullish trend remains.
– Interest in meme coins is on the rise, with DOGE potentially targeting $1 in the long run.
Article:
Dogecoin’s recent surge is showing signs of slowing down. After rising from $0.17587 to $0.28667, the price is now pulling back. Traders are closely monitoring the $0.260 to $0.265 support zone, as a break here could alter the short-term market trend. However, until this support fails, the broader outlook remains positive.
DOGE Rally Faces Resistance After Steep Climb
Dogecoin experienced a nearly 63% jump, overcoming several resistance levels. The price moved upwards in strong waves, creating higher highs and lows, but this momentum now faces challenges.
BitGuru highlighted that DOGE might be entering a pullback phase, identifying the $0.260 to $0.265 zone as critical support. This area has provided a foundation after minor retracements during its recent rise. The price has since fallen to approximately $0.2481, representing a 6.78% decline over the past day, although it still shows a 21.87% increase over the last week.
Should the $0.260 level fail, the next target could be around $0.21389, which previously served as a significant breakout point. A deeper correction might reset bullish momentum and lead to profit-taking by recent buyers.
Analysts Remain Positive on Future Prospects
Despite the current decline, some analysts maintain a bullish outlook. Cipher X noted that DOGE has reclaimed a fair value gap in the $0.20 to $0.22 range and expects the price to continue rising as long as this area holds. He pointed to $0.38 to $0.40 as the next significant target for taking profits.
Beyond that, the main liquidity target is between $0.48 and $0.50, where historical highs often trigger heavy selling pressure. This area also contains substantial buy-side liquidity.
Crypto General observed a resurgence in interest for meme coins, with DOGE showing strong upward movements. He emphasized the capital shift towards tokens linked to Ethereum and Solana. He suggested entering long positions at current levels, with a long-term target of $1, which would give DOGE a market cap of around $120 billion. While speculative, the short-term outlook depends on the $0.260 support level holding firm.
The upcoming trading sessions will reveal whether the bulls can maintain momentum or if the bears will take control.
