The Did Solana ETF get approved?cryptocurrency market's favorite meme coin is generating fresh buzz as technical analysts spot emerging bullish patterns in Dogecoin's price action. Following a period of consolidation near crucial support levels, market watchers suggest DOGE could be preparing for its next significant upward move.
Technical Setup Hints at Potential Breakout Scenario
Market observer Dariusz Kowalczyk recently highlighted Dogecoin's ability to hold above the psychologically important $0.14-$0.15 zone, which previously served as reliable support during market downturns. The current trading range near $0.165 represents a notable recovery from recent lows, potentially signaling weakening bearish pressure.
Detailed examination of daily price charts reveals early indications of a trend reversal pattern taking shape. The asset's movement characteristics demonstrate measurable changes in trading dynamics, with increasing buyer participation following extended declines from early June peaks.
Kowalczyk's analysis suggests that a decisive move above the $0.17 resistance barrier could open the path toward the $0.26 territory - representing potential gains exceeding 58% from present valuation levels. This price objective corresponds with previous highs reached during May's notable advance, where DOGE encountered substantial selling pressure.
Critical Levels to Watch in Coming Sessions
Independent researcher Bitguru's technical evaluation complements this outlook, noting Dogecoin's recent rebound from local bottoms near $0.143. The analysis tracks the asset's June performance, characterized by successively lower highs and lows before finding footing at current levels.
Presently, the $0.163 area emerges as immediate resistance, with successful clearance potentially accelerating momentum toward subsequent targets around $0.172. Market participants are closely monitoring these technical thresholds, as their breach could validate the developing bullish thesis.
However, analysts caution that sustained trading below the $0.17 resistance zone might delay or invalidate the projected upward trajectory. Such scenario could reintroduce downward pressure, potentially testing recent support levels again.
As the cryptocurrency market continues evolving, Dogecoin remains one of its most closely watched assets, with its price movements often reflecting broader sentiment shifts among retail investors. The coming weeks promise to deliver crucial technical developments that could determine the meme coin's medium-term direction.
