Dogecoin is testing demand above the $0.40 level after several days of consolidation below the yearly high of $0.484. This period of volatile prices has kept investors on the edge of their seats as Dogecoin’s price appears poised to make a decisive move. Despite a fleeting break in the upward trend, market sentiment remains bullish, and many investors expect another breakout.

Top analyst and trader Hardy recently shared a technical analysis highlighting Dogecoin’s potential for massive price growth. According to Hardy, it’s only a matter of time before DOGE reaches novel all-time highs. His analysis suggests that Dogecoin is building robust foundations, and further consolidation at current levels is a growth signal.

If Dogecoin maintains support above $0.40, there could be a significant upside in the coming weeks. However, much will depend on broader market conditions and DOGE’s ability to withstand purchasing pressure. All eyes are on its ability to overcome resistance and resume the bullish trend. With whale activity and trading volume showing signs of increasing, Dogecoin may soon retest its highs, marking a novel chapter in price discovery.

Dogecoin is consolidating at current levels

Dogecoin is consolidating below its yearly high of $0.484 after an impressive rally, and it appears that this sideways phase could continue for some time. While price action has calmed down, investor sentiment remains extremely bullish, with many viewing this consolidation as a step towards even higher price levels.

Hardy’s best analyst and trader recently shared detailed technical analysis on Xoffering a bullish outlook for Dogecoin. According to Hardy, DOGE’s current price action represents a fit consolidation within a broader uptrend. He emphasized that the asset is building a solid base, which increases the likelihood of a significant breakout. Hardy’s predictions suggest that Dogecoin is poised to surpass its yearly high and is also on track to reach a novel all-time high (ATH).

In his analysis, Hardy highlighted key support levels around $0.40 and $0.36, identifying these areas as key to maintaining the bullish structure. He also outlined a potential price trajectory, predicting that Dogecoin will consolidate at current levels for a few weeks before resuming its upward momentum. His bullish target for DOGE is $2, which he believes can be achieved if the broader market remains favorable and buying pressure increases.

While consolidation may test traders’ patience, Hardy’s analysis is consistent with the broader view that Dogecoin is poised for another significant rally. A novel ATH could be just around the corner as long as it maintains key support levels and sentiment remains positive.

DOGE Price Action: Key Levels to Watch

Dogecoin (DOGE) is trading at $0.40 after a 24% pullback from local highs. Despite this decline, the price has broken above this key demand level, signaling bulls’ resilience. Market participants are closely watching the $0.40 zone as a critical point to determine the next move in DOGE price action.

If DOGE manages to reclaim the $0.43 level in the coming days, it will likely set the stage for a retest of the yearly high of $0.484. A break above this resistance could reignite the upward momentum and pave the way for further gains, potentially sparking renewed interest from traders and investors. However, for this scenario to become a reality, it is necessary to maintain support and gain traction.

On the other hand, a loss of the $0.40 level could signal that bearish sentiment is gaining control of the market. In this case, DOGE may face a deeper correction, with the next critical support levels likely to emerge near $0.36. Such a move would undermine the bullish outlook and delay DOGE’s efforts to reach novel highs.

Featured image from Dall-E, chart from TradingView