Key Insights:
- Dogecoin rebounds from $0.28 buy wall, eyeing resistance at $0.30–$0.31 before possible rally.
- Rising volume confirms breakout from accumulation phase, signaling parabolic momentum toward higher resistance levels.
- Holding $0.28 support remains crucial, while a move above $0.31 may open a path to $0.36.
Dogecoin (DOGE) was currently trading at $0.2896, with a 24-hour trading volume of $7.97 billion. The token has declined 2% in the last 24 hours but remains up 33% over the past week.
Recent trading activity shows DOGE rebounding from a buy wall around $0.28. Buyers have stepped in at this level, helping price stabilize. Clear demand zones are visible at $0.28, $0.26, and $0.23, signaling that traders are active on dips. On the upside, resistance appears at $0.30–$0.31 and a stronger barrier near $0.36–$0.37.
Sell Wall Challenge Ahead
Analysts are watching the $0.30–$0.31 range closely.
CW noted,
“$DOGE is rebounding from the buy wall zone. It will soon challenge the wall again.”
The ability to break through this area may decide the next direction.
If price sustains above $0.31, the next upside target is around $0.36, where a larger sell wall is expected. A failure to move past this level could lead to further consolidation or a retest of lower supports. Traders point to $0.28 as the critical level to hold in order to maintain the current momentum.
From Accumulation to Parabolic Phase
On the 4-hour chart, Dogecoin has completed its accumulation phase, which lasted through late August and early September. During this period, price traded in a downward-sloping channel, reflecting a buildup of buying interest.
Trader Tardigrade commented, “$Doge/4-hour accumulation phase completed. The parabolic phase begins with evidence of increasing volume.” Rising volume confirms that more participants are entering the market, supporting the breakout from the earlier consolidation. Price has already advanced from $0.22 to above $0.30, reflecting growing demand.
Market Outlook and Key Levels
The chart structure suggests the parabolic phase could extend if buying pressure continues. Projections from technical models show potential upside targets near $0.37, $0.47, and even $0.95 if the curve remains intact. However, parabolic advances often include sharp corrections, which traders remain cautious about.
For now, the focus is on whether DOGE can overcome the $0.30–$0.31 sell wall. Sustaining above this resistance would strengthen the case for a move toward $0.36. At the same time, maintaining support at $0.28 will be key to keeping the bullish setup alive.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/dogecoin-battles-sell-wall/