Dogecoin’s price action over the past week has seen it trending upwards. This movement has seen the meme cryptocurrency of a consolidation range in the daily candlestick timeframe chart. 

A recent analysis shared on TradingView by The_Alchemist_Trader points to a possible shift in momentum, as Dogecoin is retesting its point of control with that might push it to $0.35 in the short term and as high as $0.6 in the long term. 

Dogecoin Retesting Point Of Control

According, Dogecoin is currently testing its point of control, a high-volume resistance area that has defined much of its trading structure in recent months. This price action goes as far back as February with well-defined upper and lower trendlines. 

Interestingly, price action volume in the past 48 hours shows that buyers are stepping in aggressively at the mid-level of this range, which is around $0.25. This is very important, and a daily close above the point of control with strong volume would translate from range-bound movement to a defined upward rally.

This bullish reaction comes after Dogecoin bounced at $0.2 last week, a move thatfor another leg upward. Now, according to the analyst, the next thing is for Dogecoin to make a close basis above its point of control resistance. 

Roadmap To $0.35 Through Fibonacci Levels

Fibonacci extension levels have served as reliable indicators of profit-taking and continuation levels for Dogecoin in the current cycles. As such, many analysts are at notable Fib levels. 

In this case, the analyst noted that a successful breakout above the point of control at $0.25 opens the path toward the 0.618 Fibonacci retracement level. This level, which is positioned around $0.35, stands out as the primary upside target in the current setup. 

The chart below shows a projected rally pattern for this breakout with a clear roadmap drawn to the 0.618 Fibonacci extension level. This also includes extensions to the $0.36 price level at the 0.66 Fib extension and the $0.4 price level at the 0.786 Fib extension if the momentum continues.

A move toward $0.35 would represent not just a technical price target but also a strong confirmation that Dogecoin has reestablished bullish dominance above its consolidation range since February. From here, Dogecoin could start holding up above $0.3 again. 

Dogecoin’s short-term movement is , provided the price continues to close above the point of control with strong participation from buyers. as a breakout without sufficient backing could result in a false move and cause Dogecoin to return to range trading.

At the time of writing, Dogecoin is about to break above the upper trendline of its multi-month range. Dogecoin is currently trading at $0.2874, up by 12.6% and 33% in the past 24 hours and seven days, respectively.

Featured image from Pixabay, chart from TradingView