Dogecoin (DOGE) is holding strong above a crucial support level and aiming for a huge upward move

DOGE is fully prepared for its next leg up and loading for its rally. DOGE stayed stable during the recent market volatility

Dogecoin (DOGE) is maintaining itself above a crucial support level and preparing for a huge upward move. The crypto is fully prepared for its next leg up and loading for its rally.

Dogecoin Managed To Stay Stable During Recent Market Volatility

The recent market volatility saw Bitcoin retesting its $84k support and bringing the altcoins down. Several altcoins are struggling to maintain their position; however, despite this, DOGE is in the bullish price trajectory after facing decline in its value.

At the time of writing, Dogecoin is trading at $ 0.180348 with a 24-hour trading volume of $ 3.10 and a market cap of $ 26.75B. Following the bearish market hit, the DOGE price decreased by 5.81% in the last 24 hours. However, its trading volume is up by 10%, showing positive signs for a rebound.

Dogecoin Is Displaying Resilience In A Crucial Support Level

Dogecoin’s market structure has shifted from a downtrend to an uptrend on the daily chart, marked by the formation of higher highs (HH) and higher lows (HL). This pattern is a strong bullish indicator, suggesting growing momentum in DOGE’s favor.

A few key support levels will be crucial in determining Dogecoin’s next move.

Holding above $0.178 keeps DOGE in an uptrend, allowing it to establish new highs. A dip below this level but staying above $0.164 could signal a consolidation phase, where the price stabilizes before the next move. However, falling under $0.164 may trigger a renewed downtrend, requiring fresh momentum to reclaim bullish strength.

Moreover, Dogecoin’s weekly RSI suggests strong rebound potential, further reinforcing expectations for continued upside movement. This technical indicator signals that DOGE still has room to climb before reaching overbought conditions.

Dogecoin Is Well-Positioned For A Significant Move

With Dogecoin showing resilience while many altcoins struggle, it remains well-positioned for a significant move. If momentum holds and key resistance levels break, a rally toward the long-anticipated $1 mark could finally become a reality.

However, if the bears manage to push the price below $0.164, the bullish narrative could fizzle out, necessitating a different approach to identify the next move.

Overall, Dogecoin is displaying remarkable resilience in a crucial support level, setting the stage for a potential breakout and a continuation of its bullish journey. As the market trades lower, it will be interesting to observe whether Dogecoin can maintain its strength and make a decisive move toward the highly anticipated $1 price point.