Dogecoin Price Action – Key Levels to Watch 🚀🐕
After breaking out of its descending channel in mid-July, Dogecoin entered a correction phase starting July 21, which pulled the price back toward the upper trendline of the same channel. This retest acted as a breakout confirmation, indicating that bullish momentum may have been re-established. 📈
From a technical perspective, the 0.618 Fibonacci retracement emerged as a critical pivot point. Around August 2, DOGE found strong support near $0.188, rebounding sharply and forming three consecutive bullish 3-day candles. This pattern often reflects market stability after excessive leverage has been cleared, leaving room for a healthier upward move.
The next major resistance is seen at $0.32, aligning with the 0.236 Fibonacci level, which served as strong support back in December 2024. Breaking above this zone could signal a solid bullish continuation. If momentum sustains and higher resistance zones are conquered, a move toward $1 becomes a realistic long-term target, contingent on broader market strength and increased trading volume.
