Given the current momentum favoring the bulls, Melika's analysis predicts three key levels that could become short-term profit zones for Dogecoin traders. The first target is $0.2530, which aligns with the volatility peak on May 11. If Dogecoin bulls can maintain the upward price trend, the second target at $0.2750 may come into play. Interestingly, this target is located at the upper boundary of the ascending channel.
In addition, the main horizontal resistance level is at $0.3035. This level is crucial as it was the support level for Dogecoin in January.
However, Dogecoin eventually broke through $0.3035 completely in early February, and this area has now turned into a resistance zone. Breaking through this area not only signals a complete recovery from the recent downtrend but also indicates that prices will rise further.
