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Dogecoin falls below a long-term Fibonacci extension as an analyst highlights a historic buy area.
Dogecoin ($DOGE) trades near $0.09175, posting a modest 0.4% gain over the past 24 hours. $DOGE is moving within a narrow band between $0.0897 and $0.0923, with price action repeatedly testing both ends of the range throughout the session.
Earlier in the day, the asset dips toward the lower boundary near $0.089, but buyers gradually return, lifting the price back above the $0.091 level as short-term sentiment improves.
With the price hovering just below the $0.092 resistance area, the market now watches whether sustained buying pressure can push $DOGE toward a stronger breakout. On the flip side, others are watching if it will keep it locked within its recent consolidation range.
What’s Next for Dogecoin?
Elsewhere, on the weekly chart, Dogecoin is attempting to stabilize after a prolonged downtrend that followed its previous rally. Price action remains below several key Fibonacci retracement levels derived from the earlier upward move, with the 0.786 retracement around $0.1678, the 0.618 level near $0.1975, and the 0.382 zone close to $0.2392 all acting as overhead resistance.
The market previously broke below the 1.0 Fibonacci extension level around $0.1300, which historically serves as an important structural support area. $DOGE is now attempting to reclaim this $0.1300 level, which could determine whether the market begins forming a stronger recovery structure.
Further, the Average True Range on the weekly timeframe continues trending downward toward 0.027, signaling that volatility has been gradually decreasing. This contraction often reflects a period of reduced market activity before a larger directional move develops.
If Dogecoin successfully regains the $0.1300 Fibonacci extension, the next potential recovery targets could emerge toward the $0.167–$0.197 region. Failure to reclaim this level may leave the asset consolidating in the lower support zone.
Dogecoin’s Best Buy?
Elsewhere, crypto analyst Trader Tardigrade points to a notable development on Dogecoin’s long-term chart. He highlights that the asset is currently holding within a support channel on the monthly timeframe above the $0.085 level.
According to the analyst, Dogecoin remains positioned near what he describes as a historically significant “best buy” level. The chart suggests that $DOGE is once again testing this lower boundary of the long-term trend structure while maintaining support above the channel.
Notably, the analyst notes that this marks the third major “best buy” point in Dogecoin’s history, citing earlier periods in which similar pullbacks to the same trendline preceded large upward moves.
By holding this support region, Dogecoin may be maintaining the broader bullish structure that has developed over multiple cycles and could push it toward $1.2. To reach $1.20, Dogecoin would need to surge by about 1,208% from the current price of $0.09175.
