Dogecoin exhibits market activity by forming a bullish flag and attempting to hold above the $0.22 level. We will examine key points regarding its current position and the influencing factors on price.
DOGE: Key Support Retest
Analysis from Rekt Capital indicates that Dogecoin closed a weekly candle above the resistance zone formed before the halving. This zone, now acting as support, is near the $0.22 level. The price is currently retesting this area, which could confirm the bullish pattern if the support holds.
ETF News and Whale Activity
According to observations by Javon Marks, Dogecoin has broken out of a long-term downtrend that started after its peak at $0.70 in 2021. In recent days, DOGE has shown higher lows and higher highs, confirming the formation of an uptrend. Additionally, the SEC acknowledged the ETF filing by 21Shares for a spot Dogecoin product, which helped the price rise by 6.29% within 24 hours.
Overall Situation of Dogecoin
Throughout recent trading sessions, DOGE oscillated between $0.22 and $0.24. If the price breaks above the key resistance range between $0.24 and $0.27, it could pave the way for higher levels, creating new growth opportunities.
The combination of bullish flag formation, ETF news, and whale activity creates an optimistic backdrop for Dogecoin. The next target for DOGE is to reach the $0.37 level if the support at $0.22 holds.
