Dogecoin (DOGE) closed last week on a bullish note after testing critical technical levels that could define its next directional move. The weekly chart on Binance (DOGE/USDT) reveals that DOGE is currently trading just above the significant 0.786 Fibonacci retracement level at $0.167. This retracement is drawn from the all-time low at $0.0805 to the peak of $0.4844. Dogecoin Reversal Confirmed? A notable technical development is the interaction with a long-standing descending trendline, extending from the May 2021 all-time high. DOGE recently retested this trendline as support after breaking above it in November 2024. Last week’s candle printed a Hammer-like formation, characterized by a small real body near the top of the range and a significantly longer lower shadow. While the candle also displays a modest upper wick, the dominance of the lower shadow signals that buyers absorbed aggressive sell pressure below the trendline and pushed the price back above the 0.786 Fibonacci level – a strong bullish signal. Related Reading: Analyst Predicts Dogecoin And Altcoins’ Next Surge – Here’s The Timeline However, this week could be as important as last week. A we ..
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