Dogecoin, the cryptocurrency that started as a meme, is making serious waves in the market yet again. Over the last week, Dogecoin has shown an upward trend, capturing the attention of traders and analysts alike. The meme coin is pushing towards the upper end of its consolidation range, suggesting that a substantial price shift could be on the horizon.
Retesting the Point of Control
Recent analysis by TheAlchemistTrader on TradingView highlights a notable development: Dogecoin is currently testing its point of control. This high-volume resistance area has been a significant factor in its trading dynamics for several months. Going back to February, Dogecoin has been oscillating between well-defined upper and lower trendlines.
The past 48 hours have shown a surge in buyer activity, particularly around the $0.25 mark, which is the mid-level of this range. This price point is crucial. A daily close above the point of control with robust volume could signal a shift from range-bound movement to a well-defined upward rally. Last week, Dogecoin bounced back from $0.2, forming a solid foundation for further gains. According to the analyst, the next critical step is for Dogecoin to secure a close above its point of control resistance.
Mapping the Road to $0.35
Fibonacci extension levels have historically been reliable indicators for predicting profit-taking and continuation levels in Dogecoin’s price cycles. Analysts often refer to these levels when projecting future price targets. In this context, the analyst suggests that a successful breakout above the $0.25 point of control could pave the way toward the 0.618 Fibonacci retracement level, which is approximately $0.35.
The roadmap to this target is clear, with projections even extending to $0.36 at the 0.66 Fib extension and $0.4 at the 0.786 Fib extension, should the momentum persist. Achieving the $0.35 target would not only fulfill a technical objective but also reaffirm Dogecoin’s bullish stance above its consolidation range since February. This development could see Dogecoin stabilizing above $0.3, a psychological barrier for many traders.
Potential and Pitfalls
Dogecoin’s short-term trajectory appears bullish, contingent on continued closes above the point of control and strong buyer participation. Volume plays a pivotal role here; a breakout lacking sufficient volume could easily revert to a false move, potentially pushing Dogecoin back into its previous trading range.
As of the current market snapshot, Dogecoin is trading at $0.2874, having climbed 12.6% in the past 24 hours and 33% over the last week. The currency is on the brink of surpassing the upper trendline of its multi-month range, sparking optimism among investors.
A Balanced Perspective
While the recent price action is promising, it’s vital to consider the broader market context. Cryptocurrencies are inherently volatile, and external factors such as regulatory changes, market sentiment, and technological advancements can all influence price movements. The excitement around Dogecoin, particularly its potential rise to $0.35 and beyond, must be tempered with caution.
Moreover, the broader cryptocurrency market has faced its share of challenges recently. Regulatory scrutiny and delays in ETF approvals have cast a shadow over the sector. For instance, the much-anticipated debut of a Dogecoin ETF has been pushed back, causing some market participants to question whether the hype surrounding such developments is justified or merely speculative.
Conclusion
Dogecoin’s current movements suggest a bullish reset that could see it reaching $0.35 in the near term. However, as with all investments, potential investors should conduct thorough research and consider the inherent risks. While the roadmap to higher price levels appears promising, it’s essential to remain vigilant, as the cryptocurrency market is as unpredictable as it is exciting.
As we move forward, Dogecoin’s price action will be closely monitored by both seasoned traders and newcomers, eager to see whether the meme coin can defy the odds and establish a new price foothold. Whether it’s a serious contender in the crypto space or just a passing phase, Dogecoin continues to captivate the imagination of the market.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
