Unlike Bitcoin (BTC) and Ethereum (ETH) which are in extended correction phases, Dogecoin (DOGE) is pushing its price recovery rally to higher levels. So, what’s next for the biggest meme coin? Here is DOGE price analysis.

Dogecoin Price Analysis

DOGE’s value has increased by 45% in the past six weeks and is currently trading at $0.07805, up 1.04% in the past 24 hours. Additionally, the largest memecoin experienced a major breakout on July 25, breaking through the $0.075 resistance level.

The ongoing recovery in Dogecoin’s price is supported by a rise above the $0.075 resistance level on the daily timeframe. The high volume breakout candle reflects the buyers’ strong conviction in moving towards higher levels. After touching the nearest resistance at $0.083, the price started to decline and tested the $0.075 level, which flipped from resistance to support.

As buyers hold onto this level, the price rebounded and if the buying pressure continues, the rally could rise further by 22% to touch the $0.095 mark.

The $0.072 support level should not be lost

Considering the overall market sentiment in the cryptocurrency market, if there is downward pressure on the price of Dogecoin, it might consolidate above $0.072 or break below it. As long as the ascending trend line corresponding to this level and providing dynamic support to buyers during the current recovery remains intact, the uptrend of DOGE is expected to continue.

Additionally, the Exponential Moving Average (EMA) and Directional Movement Index (DMI) on the Dogecoin price chart are currently providing bullish signals. The recent breakout in DOGE price provides an additional advantage for investors as the 200-day moving average was surpassed and turned into a support level. Like the EMA, the Directional Price Index also shows a significant gap between the DI+ (blue) and DI- (orange) slopes, with a positive crossover, indicating strong investor momentum.

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