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.
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 The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
