The Dogecoin price is showing strength after it held support levels. Analyst Daan Crypto Trades shared a chart on X, stating that the coin appears ready for a higher move. The price has been moving up slowly and in a choppy way since the April lows. If Dogecoin maintains this trend, it could surge toward $0.4 soon. Many traders are watching the chart and waiting to see if the coin can keep this setup for longer.
Dogecoin Price Holds Key Support With Higher Lows
Daan Crypto Trades points out on the chart that Dogecoin held where it needed to. The price stayed above the critical moving averages on the daily chart, including the 200-day EMA and the 200-day MA. The coin made a higher low, which is a basic sign that buyers are active. According to the analyst, the price movement in Dogecoin resembles that of other major coins.
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Many large coins have been moving similarly since the lows in April. This slow and choppy rise shows Dogecoin is following the same path as larger coins in the market. The steady steps up can seem slow, but they often lead to a more decisive move.
The higher low matters because it indicates that sellers are weaker than they were before. Each drop stops at a higher level than the last. Buyers step in at these higher spots and push the price up again. The steady action could help Dogecoin build a base for a bigger move and Daan Crypto Trades believes this base is forming now as illustrated on the chart above. Traders will watch to see if the price holds above the key moving averages and the new higher low. If the coin stays above these marks, the path to the next target looks clear.
Analyst Sees Path Toward $0.4 If Trend Continues
Looking ahead, the analyst predicts that Dogecoin is poised to reach $0.40 if the current trend continues. Although slow, Daan Crypto Trades says each small gain adds strength to the trend, and Dogecoin must continue to make higher lows and higher highs to build and sustain momentum that could lead to a larger push higher. The chart shared by Daan Crypto Trades illustrates the upward trend and highlights the key moving averages positioned below the price.
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If buyers continue to defend these levels, the coin may gain momentum and attempt to reach $0.4. Daan Crypto Trades advises patience, as the rise can be slow, but a steady pattern can lead to a more decisive move. The analyst’s message is that Dogecoin needs to hold these levels above the critical moving averages on the daily chart, and a push to $0.40 could follow soon thereafter.
Featured image created with Dall.E, chart from Tradingview.com