Dogecoin (DOGE) Price Key Resistance at $0.33 Limits Further Gains

After the breakout beyond the local resistance trendline, Dogecoin (DOGE) has experienced a little volatility in the past few days.

Dogecoin (CRYPTO: DOGE) price has experienced a breakout beyond the local resistance trendline and encountered a period of low volatility.

However, DOGE price has faced difficulties in breaking out above the $0.36 level, which has caused discussions in the market regarding the next possible trend.

The current resistance level is at $0.34 while the $0.30 level is acting as a strong support.

As the price of Dogecoin continues to trade at this resistance zone, many traders are monitoring the price action closely to assess whether a rebound or a further retreat is on the horizon.

Meanwhile, a recent analysis of Dogecoin’s price action highlighted a bull-flag pattern near the current range lows around $0.28.

Despite bearish signals, the formation suggests a potential reversal if volume support materializes.

A breakout above the flag could target previous highs near $0.35. However, sustained buying momentum and increased volume are key for further gains.

The funding rate for DOGE is observed to be positive at 0.0088% in the latest data, which suggests that the market sentiment remains bullish.

A positive funding rate means longs are willing to pay a premium to hold long positions, indicating their anticipation of an upward movement in the near term.

If the bullish momentum persists, DOGE could be set to revisit the $0.36 value mark and potentially surge even higher to other resistance levels.

Dogecoin Price: Potential for a 25% Rally Towards $0.4157

In the event of a continued rise in the Dogecoin price, Dogecoin price must first surpass the current resistance level of $0.34.

According to the technical aspect, an appreciation should push the price to the $0.4157 level.

This represents a surge of more than 25% of the current prices. This would be a big swing in the sentiment for Dogecoin as it cements itself as a valuable asset for trading.

At press time, Dogecoin (DOGE) price is trading at $0.3356, showing a 1.06% increase in the last 24 hours.

The price has experienced a slight rally after testing the $0.3322 support. If the bullish momentum continues, DOGE could test the $0.34 resistance level.