Summary: Dogecoin Retests Crucial Support Following 8.6% Drop – Here Are The Levels To Watch

Dogecoin (DOGE) finds itself at a pivotal moment, retesting a crucial support level after an 8.6% daily price drop. Despite this recent retracement, prominent crypto analysts are optimistic, suggesting this retest could be the foundation for its next significant rally. The popular memecoin has demonstrated impressive strength, surging over 25% in the past week, reclaiming the $0.20 mark in early July, and then decisively breaking past the $0.23-$0.24 resistance to briefly touch $0.28. Today’s pullback, however, has brought DOGE back to retest the vital $0.23 breakout level. Analysts like Kaleo see this as a prime accumulation opportunity, advising, "If you’re not stacking Dogecoin on the retest of this breakout, you’re wrong." Ali Martinez supports this view, pinpointing the current $0.25 retest of the double bottom pattern's neckline as a "key support zone" for a strong entry. Experts are drawing parallels to Dogecoin's explosive Q4 2024 performance, where a similar retest preceded a massive surge to its multi-year high of $0.48. Rekto Capital notes that DOGE has successfully confirmed its multi-year uptrend as support, now pushing past pre-halving highs of $0.22. A successful monthly close above this threshold would solidify this level as new support, potentially paving the way for an August rally. Dogecoin's ability to reclaim the $0.27 resistance hinges on the success of this current retest, which would signal a weakening rejection point and increase the likelihood of further gains. As of now, DOGE trades at $0.24, reflecting a robust 54% monthly increase.