According to the 4-hour chart, Dogecoin is trading around $0.0976 and is above the support level of $0.0951 in a bullish flag pattern.
Immediate resistance is currently at $0.09917, and the $0.120 level corresponds to the resistance of a previous consolidation area.
The price remains within a range, with the direction determined by a breakout above resistance or a break below key support.
Dogecoin has moved within a tight range on the 4-hour chart, and the recent price movement has created a well-defined bullish flag formation. The trend would form after a sharp drop, followed by systematic consolidation. DOGE was trading at $0.0976 at the time of publication, which represents a daily increase of 2.4%.
The price was also nearly 0.051388 BTC with an increase of 1.0% compared to Bitcoin. This framework emphasizes short-term resistance and support, which currently define the short-term price action. Therefore, attention remains focused on whether the consolidation resolves upwards or breaks downwards.
Dogecoin forms a bullish flag after a strong sell-off
Notably, the chart shows a sharp decline until early February, followed by a narrow descending channel. This channel defines the structure of the bullish flag on the 4-hour interval. The price has compressed between two converging trendlines, indicating reduced volatility. Additionally, buyers have repeatedly defended the support level of $0.0951 during the consolidation.
Key price levels define the short-term direction
However, the resistance at $0.09917 continues to limit upward attempts in the flag. The price briefly tested this level but failed to maintain a breakout. Above this area, the chart highlights $0.120 as the measured target. This level aligns with the resistance of a previous consolidation low.
Therefore, the target reflects the historical interaction of prices rather than a mere projection. To the downside, $0.0951 remains the immediate support. A break below this level would invalidate the flag structure. This level also serves as a reference for the ongoing 24-hour trading range.
Bullish and bearish scenarios for today's session
With these defined levels, today's outlook depends on the resolution of the range. In a bullish scenario, the price could exceed $0.09917 and hold. This movement would pave the way towards $0.105 initially, with $0.120 remaining the target defined by the chart. Conversely, a bearish scenario would follow a loss of $0.0951.
Such a movement could bring the price back towards the recent intraday lows close to $0.09. Until either of these levels is breached, the price could continue to oscillate within the range. Therefore, the chart structure keeps the short-term direction closely controlled by these limits.
