Key Insights:
- Dogecoin price eyes a breakout with strong momentum and bullish price structure.
- Short squeeze potential grows as DOGE breaches resistance near $0.19.
- Pullback support at $0.165–$0.172 could fuel the next rally
Dogecoin (DOGE) price has climbed past the $0.18 mark for the second consecutive session, signaling renewed bullish momentum. This breakout follows nearly two months of sideways trading, with DOGE consolidating between $0.13 and $0.16.
The meme-based cryptocurrency surged beyond key resistance levels before facing a late-session pullback.
DOGE began to recover after forming a major low near $0.14. It then broke out of its consolidation zone, fueled by improving market sentiment. The price is now edging closer to the critical $0.20 resistance, a level closely watched by traders and analysts.
Dogecoin Price Recent Performance
In the last one week, Dogecoin registered around 5% growth as the entire crypto market strengthened. Other coins that have made significant increases include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP. This coordinated advancement implies an increasing bull run action regarding the main digital resources.
However, questions remain about the longevity of the current uptrend. While technical indicators point to strength, the recent reversal shows that volatility persists. Traders are now watching whether DOGE can maintain momentum or if another correction looms ahead.
Dogecoin Price Recovers, Faces Key Resistance Test
Crypto analyst notes that following the achievement of a sharp low at the price level of $0.14339, Dogecoin has reported a well-marked recovery. The rally is made after a breakout of a long period of consolidation that had the price within a range-bound condition over a number of weeks.
DOGE had surged to the local record high of $0.18034, breaching a major resistance level above the $0.19 mark. Analysts note that this level may define the direction of the trend of the token in the short term. A decline from this level could cause a retracement in the subsequent sessions.
Support should be tested on the range of $0.172-$0.165 in case of the negative pressure. The market has been tracing a gradual decline trend before making a new low, which brought about new incidences of buyer interest.
Technical indicators show that the momentum is bullishly biased, though profit-taking close to resistance is a threat. To give a better picture in the short term, traders should watch the response of DOGE at the $0.19 mark.
The Dogecoin price seems to have a good bullish run going on as the market factors seem to suggest the presence of a breakout. Crypto analyst argues that short squeezes are happening, and open liquidity above the current prices has the potential to draw additional buying.
The recovery after recent records is steady. Besides this, the price action indicates that this is being aided by interest among large position traders. Analyst stressed that, should this continue, the upwards move can certainly be at hand.
He recorded himself confirming his own long position on DOGE as he noted the chart patterns with liquidation heatmaps showing more upside potential.
DOGE Price Rallies Strongly, Breakout Coming Soon?
When writing, Dogecoin price was trading at $0.180 with a 5% surge on July 10, showing strong bullish momentum. It later soared past the $19 mark and traded around this level on July 11.
The 4-hour RSI was also 67 at press time. It indicated near-overbought conditions, which meant there could be a correction or retreat in the short term.
Nonetheless, the CMF (Chaikin Money Flow) remained positive at 0.07, continuing to exhibit evidence of continued inflow of capital to underpin the bullish inclination.
The technical structure showed DOGE had broken above the $0.170 level earlier, which flipped into short-term support. This move reinforced buyer confidence, allowing the coin to challenge higher resistance zones.
Looking forward, if Dogecoin maintains support at $0.180 and regains upside momentum, the next major resistance would be above $0.19.
A breakout above that occurred, and now it could push Dogecoin price toward the psychological barrier of $0.200. On the downside, failure to hold the $0.180 level might lead to a retest of $0.170.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
The post Dogecoin Price Soars Past $0.18, Momentum Signals An Explosive Rally appeared first on The Market Periodical.
