Technical analysis shows that Dogecoin is about to confirm the support level on the weekly candlestick chart after maintaining a level above $0.21 over the past week. After several weeks of trading tussles between buyers and sellers, Dogecoin's price action now seems to be shifting in favor of the buyers, and price action on the weekly timeframe is currently showing a convincing bullish setup.

This trend is highlighted in the technical analysis by analyst MasterAnanda on TradingView, who notes that Dogecoin confirming above several exponential moving averages is key to the mid-term price target of $1.85.

Strong Support Is Being Maintained With Dogecoin Above EMA

The chart posted by MasterAnanda shows that Dogecoin has now traded above the EMA8, EMA13, and EMA21 for four consecutive weeks. This arrangement of exponential moving averages, as shown in the chart below, has always been a precursor to strong bullish movements for Dogecoin. Each time the price holds above these averages on the weekly chart, it has paved the way for sustainable bullish rallies.

For example, in October 2023, the arrangement of these moving averages led to a strong bullish rally, pushing DOGE higher in the following months. A similar development also occurred between September and October 2024, when Dogecoin surged after maintaining its position above the same EMA set.

Currently, it seems that recent market developments have seen Dogecoin establish a strong support level above $0.21. The analyst describes confirming this support level as the moment that ends any remaining doubts, and traders waiting for signs of market strength can now clearly see technical indicators trending upward. According to the chart, this support level is acting as a launchpad for a higher peak, and the likelihood of a prolonged bullish rally is increasing as trading volume continues to rise.

Dogecoin's Next Target Is $1.85

The sentiment of Dogecoin traders has been divided in recent weeks, with some traders leaning towards a bearish trend while others remain optimistic. This divergence of views is not unusual, as analysts and cryptocurrency traders frequently swing between these opposing perspectives.

Now, with the support confirmed and Dogecoin maintaining upward momentum on these exponential moving averages, the only thing left is for Dogecoin to continue trading with high volume.

In this case, MasterAnanda has predicted several intermediate targets at Fibonacci extension levels before reaching the final price target of $1.85. The first price target is $0.31 (Fib level 0.382), followed by $0.48 (Fib level 0.618). Crossing this threshold would mean surpassing the strong resistance that had previously hindered Dogecoin in December 2024.

The next target after $0.48 will be higher than the all-time high of 2021 at $0.7316, at $1.16, corresponding to the Fibonacci extension level of 1.618. Surpassing this level will pave the way for the ultimate mid-term target of $1.85 at the Fibonacci extension level of 2.618.