Dogecoin (DOGE) recently made a technical move that caught the attention of many traders. After creating an ascending triangle pattern, the meme coin reached a significant resistance level of approximately $0.168.
Supply and demand data suggest that buyers currently show remarkable commitment due to the formation of a positive chart pattern. According to crypto analysts, since DOGE’s price is trading near $0.1820, bulls may drive it toward breaking the $0.20 ceiling.
Dogecoin Price Breaks Key Resistance as Bullish Pattern Forms
DOGE price demonstrated an ascending triangle breakout while continuing to form higher lows during the past week. The pattern displayed growing demand, which attracted more participants to buy the cryptocurrency.
DOGE’s value surpassed the resistance threshold at $0.168. It produced valid verification after it crossed the barrier.
Analysts established key support points at 1.272, matching the value at $0.18025, 1.414 at $0.18673, and 1.618 at $0.19445. The price points function as potential seller entry points since prior rallies experienced slowing momentum in these locations.
Dogecoin price must maintain its upward trend and attract new buyers to surpass the technical indicators before reaching $0.20.
Analysts also provided extended-term price targets for estimation. Price data from previous periods indicated DOGE reached more than a 500% increase after several consecutive higher low points formed.
As projected from current price trends, the price can reach $0.6533 during the future rallying pattern. However, these figures remain speculative.
Critical Support Levels and Retest Zones are Now in Focus
After breaking out the triangle pattern, DOGE traded inside a narrow range between $0.15 and $0.18. The price had tested both ends of this range but returned inside each time.
That indicated indecision before the recent breakout. During this time, analysts noted the importance of the $0.168 zone as a potential support level.
Market participants monitored whether the price breakout triggered a shift in support and resistance (S/R), where the prior resistance turned into a new base area. The trading area at $0.168 became the chosen entry point for long positions, with stop-loss orders placed under this price mark.
According to the provided price targets, DOGE had a following destination at $0.181. It could also have reached $0.20 if its present value stayed constant.
If the price regressed below the $0.168 zone, it would be reevaluated at the $0.155 level. A bullish outlook for DOGE persisted, as the price remained above $0.16.
The continuation of this trend depends on volume confirmation. That’s because past failed breakouts occurred when volume and momentum remained weak.
Daily Chart Signals Trend Reversal With Higher Targets
According to Javon Marks, Dogecoin price followed a descending trendline since early 2021, but recent price action showed a shift. A pattern of rising highs and rising lows formed on the daily chart, signaling a potential change in trend.
That structure indicated strengthening bullish momentum. It also suggested the possibility of a positive breakout in the near term.
DOGE price established its latest support level at $0.14, thereby creating stability that surpassed the current market uptrend. Analysts predicted DOGE price would succeed in its rising trend by reaching potential resistance levels at $0.20178 and then proceeding to $0.22888.
While short-term fluctuations may cause price pullbacks, the overall market structure suggests growing interest in DOGE. Backing the bullish momentum, Dogecoin price swayed between a high of $0.1863 and a low of $0.1643 in the last 24 hours.
When writing, bullish momentum was still in control. Dogecoin price traded at $0.1820, marking an 11.47% surge from the intraday low. During the rally, Dogecoin’s market capitalization and 24-hour trading volume soared by 11.27% and 97.31%, respectively, reaching $27.27 billion and $1.96 billion.
The post Dogecoin Price Prediction: Resistance, Bullish Targets Above $0.20? appeared first on The Coin Republic.
