The Dogecoin price has again captured traders’ attention after showing resilience amid a broader market crash. Crypto analyst Master Kenobi observes that
Despite a broader market crash, Dogecoin (CRYPTO: DOGE) has shown resilience by continuing to trade within an ascending parallel channel on Master Kenobi's chart. However, unlike most assets that retest key support levels before rebounding, the Dogecoin price notably avoided revisiting the trendline during its market crash.
This observation raises two possibilities. If the Dogecoin price remains above the trendline and continues its upward momentum, it could be gearing up for a breakout toward $0.50 and eventually $1. On the flip side, some traders might argue that DOGE still needs to revisit and confirm the trendline as support. If selling pressure increases, the Dogecoin price could retrace toward the green trendline around the $0.20 to $0.25 range before attempting a more decisive breakout.
Considering its recent market crash, Dogecoin's ability to stay above its key trendline is a strong signal for bulls. Whether DOGE pushes higher from here or dips for a retest remains to be seen. If support holds, the next significant resistance zones for the Dogecoin price lie at $0.50 and $1, with $2 being a long-term speculative target.
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