Dogecoin (DOGE) has crossed significant resistance levels, and technical indicators suggest a bullish outlook. Will DOGE hit $0.35 and challenge its previous price zones?
Following an overnight price jump in Bitcoin, the meme coin market has shown notable improvement. With a fresh wave of bullish momentum, Dogecoin has surged by 4.22% in the past 24 hours.
Moreover, the meme coin market cap has reclaimed the $100 billion mark. With the recovery rally breaking above critical resistance levels, could the 2025 bull run be on the horizon?
Dogecoin Price Analysis
On the 4-hour chart, Dogecoin’s price action shows a bullish recovery gaining momentum from the $0.30 demand zone. The recovery has broken above a local resistance trendline that previously dominated the short pullback phase.
With the trendline breakout, Dogecoin’s rally is now challenging the 38.20% Fibonacci level at $0.3303. Additionally, the recovery is facing higher price rejections from the 100 EMA at $0.3357.
Currently, Dogecoin is trading at $0.33053, with the short-term recovery having a significant bullish impact on the 20 EMA line. This average line is preparing for a bullish crossover with the 50 EMA, signaling positive momentum.
Furthermore, the bullish rebound from the $0.30 demand zone supports the bullish divergence in the RSI. The 4-hour RSI has reached 60.15, preparing to enter the overbought zone. Thus, technical indicators are signaling a buy for Dogecoin.
DOGE Price Targets
Based on the Fibonacci levels, the short-term recovery rally, which has broken above the local trendline, is expected to surpass the 50% Fibonacci level at $0.3551. However, two key dynamic resistances are present near the $0.35 psychological zone.
These resistances are the 100 EMA at $0.3357 and the 200 EMA at $0.34719. As such, these could be short-term price targets for high-leverage traders.
If the price breaks above the 50% Fibonacci level, it could challenge the previous resistance zone between $0.37772 and $0.41557. On the bearish side, failure to surpass the 38.20% Fibonacci level could lead to a retest of the $0.30 demand zone.
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