TLDR:
- Dogecoin price defends $0.16 support, signaling renewed buyer interest.
- Analysts cite $0.24 as the next resistance based on Fibonacci patterns.
- Trading volumes top $1.3B as DOGE forms a bullish ascending channel.
- Failure to hold $0.16 may trigger a pullback to $0.12 or $0.10.
Dogecoin is showing resilience as it maintains critical support above $0.16, fueling optimism for a move toward $0.24.
Analysts observe that this level serves as a springboard for upward momentum, backed by historical Fibonacci indicators. Market watchers suggest the coin is regaining strength after recent declines and consolidating at favorable levels.
Despite a minor drop in daily performance, traders remain focused on the broader uptrend that continues to form. The $0.24 target stands as a level that could unlock stronger gains.
Dogecoin Price Builds on $0.16 Support
Dogecoin’s current structure shows stability above the $0.16 mark, considered vital for sustaining bullish momentum.
According to crypto analyst Ali, the price has bounced off this level, backed by a rising trendline. This consistently higher-low pattern suggests buyers are gradually stepping in at each dip.
Dogecoin $DOGE holding above $0.16 strengthens the case for a move toward $0.24! pic.twitter.com/zg9I9z1ZWT
— Ali (@ali_charts) July 4, 2025
Fibonacci retracement levels plotted on the daily chart show past resistance turning into support zones. DOGE previously dropped from a high of around $0.47 to a low of $0.057. Since then, the 0.5 Fibonacci level at $0.128 has offered a reliable base, while the current level near $0.16 aligns with growing accumulation.
With the price holding above trendline support, the next logical target sits near $0.24. This is the 0.618 Fibonacci level and often acts as a reversal zone during recoveries. Ali noted that sustained trading above $0.16 strengthens the likelihood of DOGE reaching that upper resistance band.
Market momentum is gradually shifting, as evidenced by recent attempts to retest higher ranges. If the $0.24 target is breached, analysts anticipate stronger buying interest and further upside continuation.
However, failure to hold $0.16 could send the price back to $0.12 or even $0.10.
DOGE Daily Volumes and Short-Term Trends
At press time, CoinGecko reports Dogecoin trading at $0.167, with a 24-hour volume exceeding $1.33 billion.
While the coin has dipped 4.4% in the past day, it has climbed over 3% in the last week. This indicates possible short-term profit-taking, but broader sentiment still leans upward.
Another analyst known as Trader Tardigrade highlighted that Dogecoin is sitting at the third touchpoint of an ascending channel. This setup often signals continuation, and he described it as an ideal accumulation zone before a breakout.
#Dogecoin is at the third touchpoint of an ascending channel, making it the ideal buy level before a huge surge
— Trader Tardigrade (@TATrader_Alan) July 4, 2025
Traders are watching how the current pattern develops, especially with the coin showing signs of strength at a major support area. If DOGE maintains its course, the $0.24 resistance could soon be challenged.
Until then, all eyes remain on the $0.16 base as the deciding level for the next major move.
The post Dogecoin Price Holds Key Support, DOGE Bulls Target $0.24 appeared first on Blockonomi.
Source: https://blockonomi.com/dogecoin-price-holds-key-support-doge-bulls-target-0-24/