Dogecoin (DOGE) is currently trading under bearish pressure and is eyeing a decline in its value, in line with the entire crypto market. DOGE is currently forming higher lows on the price chart, which often leads to a bullish reversal. If a successful breakout occurs, then it will lead to the $1.25 resistance area.
At the time of writing, DOGE is trading at $0.2129 with a 24-hour trading volume of $2.9 billion and a market cap of $32.02 billion. The DOGE price over the 24 hours is down by 3.96%, and over the last week is down 7.23%.
Dogecoin’s higher lows Could Push DOGE to $1.25
A prominent crypto analyst, Javon Marks, highlighted that Dogecoin (DOGE) is also still on the minds of market participants and commentators, with the price chart continuing to be bullish. The currency has steadfastly followed higher lows, a technical signal by itself, generally a foreshadowing of a significant continuation rally. This indicator can be interpreted as meaning the trend favors the bulls, setting up for a rally towards the breakdown low of $0.6533.
According to the technical analysis, the current level has emerged as a key pivot point towards the upside direction of DOGE. A successful move towards $0.6533 would translate into a gain of over 170% from the current levels of price. Additionally, a clear breakdown above the said goal may provide a way towards even higher upside targets, with forecasts moving towards $1.25, a level that would even strengthen Dogecoin’s long-term bullish sentiment.
Sentiment towards Dogecoin has stayed strong in spite of wider market volatility thanks to its strong community support and increased retail and institutional interest. As long as the higher-low pattern prevails, the technical configuration remains bullish, and the weeks ahead are likely to be instrumental in whether DOGE can achieve the breakout and continue its rally into higher ground.
