Dogecoin is trading above the 50-day EMA, signaling a trend reversal. A breakout above $0.20 could lead to the $0.28–$0.30 resistance zones.
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With Bitcoin holding above the $94,000 mark, meme coins are preparing for a major trend reversal. Dogecoin, the largest cryptocurrency in the meme coin segment, is currently trading at $0.1812 with a market cap of $27 billion.
Over the past week, Dogecoin has surged by nearly 12%. As Dogecoin holds above the $0.18 mark, will the meme coin witness a breakout rally to $0.20?
Dogecoin Price Analysis
On the daily chart, the Dogecoin price trend shows a strong pullback after the December 2024 rally. Since then, the price has dropped by nearly 60% from its swing high of $0.4846.
The decline marked a local bottom at $0.1410 before signaling a potential trend reversal. Last week, Dogecoin’s recovery surpassed the 50-day EMA, hinting at a potential turnaround.
The intraday candle shows lower price rejection from the 24-hour low of $0.1738, with an intraday recovery of 1%. Furthermore, the MACD and signal lines maintain a positive flow, crossing above the zero line.
However, the short-term consolidation near the average line has led to a minor drop in trend momentum. These signals show a decline in positive histograms, warning of a potential negative crossover.
Additionally, the recovery has surpassed the highest trading volume range since December 2024, near $0.17. As Dogecoin continues to float above $0.17, the uptrend faces the next prominent volume zone near $0.20.
Beyond this psychological level, the next high-volume zone begins at $0.32, suggesting significant upside potential if the uptrend breaks above $0.20.
DOGE Price Targets
If Dogecoin rises from the 50-day EMA, the uptrend will likely face strong resistance near the $0.20 psychological mark. This level coincides with the 23.6% Fibonacci level and the declining 100-day EMA.
Beyond this, the bulls will likely target the $0.30 psychological level and the 50% Fibonacci level at $0.28. On the flip side, crucial support for Dogecoin remains at $0.17, followed by the $0.15 psychological level.
Analyst Targets $0.32 as Dogecoin Exits Falling Wedge
Supporting the possibility of a bullish trend in Dogecoin, crypto analyst Jonathan Carter highlights a major bull run ahead. The analyst notes a minor consolidation in Dogecoin on the two-day price chart before the bull run begins.
Following the falling wedge breakout, the uptrend is currently stagnant near the $0.18 level. Beyond this, the analyst forecasts the uptrend to reach price targets of $0.23, $0.29, and eventually $0.34.
DisClamier:
This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect @Lachakari_Crypto opinion. Readers are encouraged to do thorough research before making any investment decisions. @Lachakari_Crypto is not responsible for any financial losses.
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