⭐️ Dogecoin tests Critical Trendline as Bulls Target $0.20

Dogecoin has surged 7%, challenging a key resistance trendline. Bulls now eye the $0.20 level amid rising long positions and a broader market recovery.

As the crypto market bounces back after Easter, Bitcoin crosses above the $87,000 mark. Amid the recovering market, the meme coin segment has soared by nearly 4%, reaching a market cap of $47.45 billion.

Among the top meme coins, Dogecoin has soared by nearly 4% over the past 24 hours, crossing the $0.16 barrier. Will this short-term recovery in Dogecoin result in a breakout rally to $0.20?

🔸 Dogecoin Price Analysis: Targeting Trendline Breakout Toward $0.20

On the 4-hour chart, Dogecoin’s price action reveals a bullish recovery, now testing a key resistance trendline. The rally has pushed prices above both the 50 and 100 EMA levels.

Bulls have also broken through the 38.20% Fibonacci retracement level at $0.1597. The recovery began with a Morning Star pattern, followed by five consecutive bullish candles, resulting in a nearly 7% surge.

This upward movement has triggered a positive crossover in the MACD and signal lines. Additionally, it sets the stage for a potential bullish crossover between the 50 and 100 EMAs.

Currently, Dogecoin faces resistance at a short-term descending trendline, which is temporarily limiting further gains. However, as broader market sentiment improves, increased momentum and hype may help propel DOGE prices.

In such a scenario, Dogecoin could break through the overhead resistance confluence formed by the 200 EMA and the 50% Fibonacci level near $0.1680.

If an extended rally pushes past this critical level, the uptrend could reach $0.20, representing a potential 25% surge. Conversely, prices may retest the psychological support at $0.15 if a bearish reversal occurs.

#DOGE #Dogecoin

{spot}(DOGEUSDT)