Dogecoin Price at Crucial Support: A Potential Rebound to $0.28?
Dogecoin (DOGE) is hovering near a key support level after a recent price rejection. This zone is vital as it aligns the point of control (POC), a major volume level in the $0.15–$0.28 range. This zone also aligns with the 0.618 Fibonacci retracement and a daily support level, making it a critical area for traders.
Market structure remains bullish, with higher lows and higher highs intact. however, confirmation through volume or a bullish engulfing pattern is needed for a move toward $0.28. The recent listing of 21Shares’ Dogecoin ETF under ticker TDOG could boost institutional interest.
- Point of Control Support: Dogecoin trades at the POC, a significant volume level.
- Fibonacci Confluence: The 0.618 Fibonacci retracement overlaps with the POC.
- Market Structure Intact: higher lows and higher highs remain, keeping the bullish trend valid.
DOGEUSDT (1D) Chart, Source: TradingView
The sharp retracement into support brings Dogecoin to the POC, a zone of significant trading activity. Historically, strong rotations follow if volume favors one side. The correction is still a higher low within Dogecoin’s bullish trend. the broader bias remains intact, but confirmation is needed for a reversal toward higher resistance levels.
the technical importance of this support is amplified by the overlap of the 0.618 Fibonacci retracement and a daily support level. If buyers step in with conviction, the setup could drive price back toward $0.28 resistance. However, momentum indicators show that confirmation is still lacking. For a bullish case to materialize, price will need to print a bullish engulfing candle or show strong volume inflows. Without such signals, the risk of further consolidation or a deeper correction remains. REX-Osprey has launched the first U.S.-listed spot ETFs for Dogecoin and XRP, broadening institutional access.
What to expect in the coming price action: If Dogecoin holds the confluence zone at the POC and 0.618 Fibonacci, traders should watch for a reversal attempt toward $0.28 resistance. A failure to defend the current level could see dogecoin test lower supports within the $0.15–$0.20 region.
