Dogecoin (DOGE) stabilizes above support: Can it gather upward momentum?

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Dogecoin (DOGE) price has returned to the $0.30 support range and is currently in a consolidation phase. If it can break through the key resistance level of $0.3165, DOGE is expected to gain upward momentum.

Price pullback and support range

Similar to Bitcoin and Ethereum, the price of Dogecoin was once above $0.3350, but then it fell and broke through the $0.3250 and $0.320 support levels, and even fell below $0.3120. The current low was seen at $0.3081, and the price is struggling to consolidate the decline and has rebounded above $0.3150.

Currently, the price of Dogecoin is testing the 23.6% Fibonacci retracement level of the downward trend from the $0.3427 high to $0.3081 low. However, the price remains below the $0.320 level and below the 100 hourly simple moving average. In the short term, $0.3165 is the main upside resistance.

Upside Potential and Resistance Analysis

The first target for the bulls is to break above $0.3250, a level that coincides with the 50% Fibonacci retracement level of the downward move from $0.3427 to $0.3081. If this level is breached, the next resistance could come at $0.3295. Once the price closes above $0.3295, there are chances that DOGE could test higher resistance levels of $0.350 and even $0.3680.

For the bulls, the key stop loss could be at $0.40. If the price continues to rise and breaks out of this range, further upside will open up.

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