Dogecoin (DOGE) Retests Crucial Descending Channel as Bullish Breakout Stalls, Shares Next Possible Targets

Dogecoin has forged a notable price recovery recently after defending critical support around $0.07. As highlighted by trader Crypto Nathan, DOGE broke out of a descending channel pattern that had defined the prevailing bearish downtrend over the past 10 months.

This upside breakout suggested a bull revival could be underway. However, DOGE has pulled back to retest prior channel resistance as new support around $0.082.

Retest Will Make or Break Bull Case

These retests of breakout levels often determine whether a breakout succeeds in flipping a trend. A springboard bounce from here would confirm the channel breakout, with bulls eyeing continued upside toward $0.12. 

However, failure to hold the former resistance trendline on this retest would call into question the viability of the recent breakout. Such a false breakout could plunge DOGE back toward crucial demand around $0.07.

Any decisive breakdown through $0.07 support would void the near-term bullish outlook. The next significant support holds around $0.065 based on the prior bullish order block.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

As a highly volatile and trend-driven asset, Dogecoin’s next directional move could set the tone for the coming weeks and months. With buyers and sellers wrestling around important technical levels, this retest marks the latest critical battleground.

Assessing whether rebounded momentum or bearish exhaustion defines resulting price action should inform tactical next steps. Though mostly detached from broader fundamentals, Dogecoin markings can offer insights into prevailing speculative appetites.

You may also be interested in:

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

CaptainAltcoin
Logo