- Dogecoin is staying above the VWAP from its last cycle high.
- If it holds support, it may push toward the $0.30 resistance soon.
- A break below could bring more selling pressure and lower prices.
Dogecoin’s price action is showing resilience, with DOGE/USD closing above a critical support level derived from the Volume-Weighted Average Price (VWAP) of the previous cycle high. Crypto analyst Cantonese_Cat (@cantonmeow) shared the latest weekly chart, highlighting that DOGE is currently trading at $0.2589, reflecting a 3.98% increase. The VWAP from Dogecoin’s 2021 all-time high is acting as a strong base, suggesting historical price memory is playing a role in support retention.
A closer look at the chart shows that Dogecoin briefly dipped below the VWAP but managed to reclaim it, confirming its importance as a dynamic support level. The ability to maintain this support could be a bullish signal, hinting at a potential continuation of the current uptrend. If this level holds, traders may anticipate another leg higher, with DOGE eyeing the $0.30 resistance zone in the near term.
DOGE’s Price Action Suggests Accumulation Near Key Levels
Historically, the VWAP from previous cycle highs tends to serve as a magnet for price consolidation, with breakouts often leading to strong upward moves. The current structure of DOGE’s chart suggests accumulation, as price action remains well-supported despite the recent pullback. If DOGE maintains strength above this level, it could confirm a retest and continuation of its bullish trajectory.
However, a decisive break below VWAP could expose Dogecoin to further downside risk, with potential support near $0.20 acting as the next safety net. Traders will be closely monitoring whether buying pressure sustains DOGE’s position above VWAP, as failure to hold could lead to increased volatility.
What’s Next for Dogecoin? Bulls vs. Bears in Play
With Dogecoin reclaiming the VWAP from its last cycle high, traders are split on whether DOGE can maintain momentum. If buying interest persists, DOGE could test the $0.30 resistance, a level that has historically triggered strong reactions. Conversely, if sellers overpower buyers, a drop below VWAP might shift sentiment bearish, putting lower support levels into focus.
For now, DOGE’s ability to stay above VWAP is a key battle zone, and traders should watch volume inflows for confirmation of strength. If demand continues rising, Dogecoin may be preparing for a new rally, but if weakness emerges, a deeper correction could be on the horizon.
