Dogecoin (DOGE) has retraced alongside the rest of the market to retest a crucial level as support. Some analysts suggest that holding its current price range would set the stage for reclaiming the next key area.<\/p>\n
On Wednesday, Dogecoin momentum saw a momentary pause as Bitcoin and most of the market\u2019s rally slowed down. The leading memecoin has recorded a massive run over the past week, increasing over 25% in the last seven days.<\/p>\n
At the start of the month, DOGE recovered from the June pullback and climbed to the $0.20 level for the first time since May. After reclaiming this crucial level mid-July, the cryptocurrency consolidated around this area, building a base before resuming its bullish run last Wednesday.<\/p>\n
Over the weekend, Dogecoin broke out of the $0.23-$0.24 resistance, soaring<\/a> past the May highs to hit the $0.28 area on Monday. The token near this level on Tuesday, hovering between the $0.26-$0.27 price range.<\/p>\n However, today\u2019s pullback saw the memecoin drop approximately 9% in the daily timeframe and retest its breakout level around the $0.23 mark. Despite the correction, crypto analyst Kaleo affirmed<\/a> that \u201cIf you\u2019re not stacking Dogecoin on the retest of this breakout, you\u2019re wrong.\u201d<\/p>\n The analyst highlighted that the token is repeating its Q4 2024 performance, when it retested its breakout level as support before starting the explosive rise to its multi-year high of $0.48.<\/p>\n Amid the retracement, Ali Martinez also asserted that DOGE is retesting the neckline of its double bottom pattern, situated around the $0.25 mark. To the analyst, \u201cThis is a key support zone that could offer a solid entry point before the next leg up.\u201d<\/p>\n Notably, he previously suggested that as long as the token holds this area as support, a rally toward the $0.33-$0.40 is likely, adding that the next major resistance barrier is at $0.36.<\/p>\n Rekt Capital noted<\/a> that Dogecoin has successfully retested its multi-year technical uptrend as support, which enabled its rally to the upside. He explained that price is currently \u201cpressing beyond its pre-halving highs,\u201d around the $0.22 level.<\/p>\nDOGE Weekly And Monthly To Determine Next Move<\/h2>\n