Dogecoin (DOGE) price target is now set for $0.17 after retesting critical support levels at $0.11786. Despite a volatile market, the first signs of a bullish breakout emerged as Dogecoin holds firm, trading at $0.1184.
The current Dogecoin (DOGE) price target of $0.17 follows a 9.01% increase in the last week alone. This rally signifies the meme coin’s resilience in a market that recently experienced a pullback. Traders are keen to see if the bullish momentum can push DOGE to higher highs after testing support at $0.11786.
Dogecoin (DOGE) Price Action With Doge Targeting $0.17 In Coming Weeks
The market’s overall sentiment remains positive for Dogecoin as it recovers from a minor pullback earlier this week. With a market cap of $17.30 billion, Dogecoin continues to solidify its position as the largest meme coin. Trading at $0.1184, Dogecoin is now positioning itself for a potential breakout towards $0.17.
According to crypto market analyst Benjamin Cowen, “Dogecoin’s recent price action indicates growing bullish sentiment. If the momentum continues, we could see DOGE hitting the $0.17 target in the coming weeks.” The price retest at $0.11786 presents an opportunity for traders to capitalize on the potential continuation of the uptrend.
The current bullish scenario is supported by the 100-day and 50-day EMAs, which indicate strong support for Dogecoin at the psychological $0.10 level. On the daily chart, DOGE briefly surpassed the 200-day EMA but retraced to the $0.11786 horizontal level, sparking speculation about the next leg up.
After retesting support at $0.11786, Dogecoin’s (DOGE) price target of $0.17 hinges on whether it can overcome key resistance levels. The next significant hurdle lies at $0.14026, followed by $0.17394 and $0.22008.
Crypto market strategist Michaël van de Poppe notes, “Dogecoin’s trajectory towards $0.17 depends on overcoming the resistance around $0.14. If DOGE clears this level, we could see sustained bullish momentum pushing it higher.”
In the short term, support for Dogecoin remains at the 50% Fibonacci level of $0.1168. Additional support can be found at $0.10528, the 38.20% Fibonacci level. The uptrend will likely continue if these support levels hold and the market remains bullish.
The MACD indicator on Dogecoin’s daily chart shows a close approach between the MACD and signal lines, which could indicate a potential bullish crossover. This crossover would further support the Dogecoin (DOGE) price target of $0.17.
Moreover, Fibonacci analysis reveals key retracement levels that Dogecoin must surpass to reach its price target. After breaking through the 61.80% Fibonacci level at $0.11807, Dogecoin remains above the 50-day EMA, a positive signal for short-term gains.
The 4-hour chart presents a rounding-bottom reversal pattern, hinting at a possible breakout toward $0.17226. Fibonacci extensions place the next resistance level at 1.618%, reinforcing the possibility of DOGE reaching $0.17.
Short-term vs. Long-term Outlook For Dogecoin (DOGE) Price Action.
The short-term outlook for Dogecoin (DOGE) remains bullish as it continues to test critical resistance levels. However, long-term traders should be cautious of any sudden market corrections, particularly if the overall crypto market experiences heightened volatility.
Despite the pullback on Monday, Dogecoin’s current rally is supported by an increase in trading volume and a surge in volatility. The meme coin’s ability to maintain its uptrend will depend on broader market factors, including Bitcoin’s performance and overall market sentiment.
Dogecoin’s (DOGE) price target of $0.17 seems increasingly attainable as technical indicators support further bullish action. The meme coin’s recent price action, combined with growing market optimism, suggests that Dogecoin could soon break out past its current resistance levels.
As DOGE continues to recover from its recent pullback, traders are watching closely to see if the price can hold above the $0.11786 level and push higher. Should the market remain favorable, Dogecoin’s price could climb to $0.17, setting the stage for further gains.
Analysts remain optimistic about Dogecoin’s future price movement, with predictions of continued bullish momentum. “Dogecoin has consistently shown its resilience, even in the face of market volatility. If this trend continues, the $0.17 price target is well within reach,” says trader Scott Melker, also known as the “Wolf of All Streets.”
Ultimately, Dogecoin (DOGE) is positioned to continue its upward trajectory, with a growing number of investors bullish on its future. Whether it will surpass the $0.17 mark depends on the broader market environment and DOGE’s ability to break through key resistance levels.
Dogecoin (DOGE) price target remains firmly set at $0.17 as it continues its bullish uptrend. With support from both technical indicators and market sentiment, the meme coin could soon achieve this milestone.
The current Dogecoin (DOGE) price target follows a significant 9.01% surge over the last seven days, signaling strong resilience in the face of market corrections. As the largest meme coin, Dogecoin now has a market cap of $17.30 billion, and traders are eager to see if the momentum can continue, pushing Dogecoin to new heights and achieving the projected Dogecoin (DOGE) price target of $0.17.
To reach the Dogecoin (DOGE) price target of $0.17, Dogecoin must overcome key resistance levels. The first hurdle is located at $0.14026, followed by additional resistance at $0.17394 and $0.22008. If the coin can break through these levels, the Dogecoin (DOGE) price target of $0.17 becomes more likely.
As traders keep an eye on the key resistance levels, the coming days will determine whether Dogecoin can sustain its current momentum and push toward $0.17. Get more from The Bit Gazette.
