Dogecoin is currently trading above its 50-day EMA, signaling a potential trend reversal. A breakout past $0.20 could open the path toward key resistance zones between $0.28 and $0.30.
As Bitcoin remains steady above the $94,000 mark, meme coins are gearing up for a possible major trend shift. Among them, Dogecoin, the leading cryptocurrency in the meme sector, is showing signs of strength, trading at $0.1812 with a market capitalization of $27 billion.
Over the past seven days, Dogecoin has posted a solid 12% gain. Holding firm above the crucial $0.18 support, the question now is whether DOGE can break through the $0.20 barrier and trigger a fresh rally.
Dogecoin Price Analysis
The daily price chart reflects a strong pullback since Dogecoin's December 2024 rally, during which it tumbled nearly 60% from its swing high of $0.4846.
However, the decline found a local bottom at $0.1410, from where signs of a trend reversal started to emerge. Recently, Dogecoin's recovery crossed the 50-day EMA, a critical indicator suggesting bullish momentum.
Intraday analysis shows lower price rejection from the 24-hour low of $0.1738, leading to a 1% rebound. Furthermore, the MACD indicator remains positive, with both the MACD and signal lines crossing above the zero mark.
Despite this bullish sign, the recent short-term consolidation has slightly weakened the trend momentum, reflected by a decline in positive MACD histograms and the threat of a bearish crossover.
Importantly, Dogecoin’s climb has surpassed the highest volume node near $0.17 (the most traded price area since December 2024), suggesting strong support at these levels. The next significant volume cluster stands near $0.20, making it a critical resistance point.
Should DOGE clear this psychological hurdle, the path to $0.32 opens up, indicating substantial upside potential.
DOGE Price Targets
Dogecoin’s immediate hurdle lies at the $0.20 mark, aligning with the 23.6% Fibonacci retracement level and the 100-day EMA. If bulls overcome this barrier, further targets include:
$0.28 (50% Fibonacci retracement level)
$0.30 (psychological resistance)
On the downside, critical support levels are found at $0.17 and then at $0.15.
Analyst Predicts Bullish Breakout Toward $0.32
Adding weight to the bullish outlook, crypto analyst Jonathan Carter highlights an impending Dogecoin rally. He points out a consolidation phase on the two-day chart, suggesting a major move is brewing.
Following a breakout from a falling wedge pattern, Dogecoin is currently stabilizing near $0.18. According to Carter, once momentum builds, DOGE could aim for price targets at $0.23, $0.29, and eventually $0.34.