Dogecoin (DOGE) Price Analysis: DOGE Surges 16% as Bulls Target $0.40, What’s Next?

Dogecoin is starting to attack with upward momentum as the entire crypto market starts to receive notable inflows, especially in the last 24 hours.

Dogecoin price showed strength on Monday as the entire crypto market started to receive large inflows, especially during the past 24 hours. This notable increase in buying pressure saw DOGE price surge by about 16% in the past 24 hours, and the $0.40 price level now seems within reach again.

Cryptocurrency heatmap on Monday, March 13. Source: Coin360

As reported, Dogecoin price dropped to lows of $0.27 last week following a massive sell-off that took place in the crypto markets last week. However, buying pressure quickly returned to the markets, and DOGE price surged by over 40% from lows of $0.27 to highs of nearly $0.38 on Monday morning.

After failing to break above the Fib extension level at 0.382 ($0.37) over the weekend, Dogecoin price faced another round of selling pressure that saw DOGE price drop to lows of $0.34 on Monday morning. However, buying pressure quickly returned to the markets, and DOGE price surged by over 15% from lows of $0.34 to highs of nearly $0.39 on Monday morning.

After failing to break above the Fib extension level at 0.382 ($0.37) over the weekend, Dogecoin price faced another round of selling pressure that saw DOGE price drop to lows of $0.34 on Monday morning. However, buying pressure quickly returned to the markets, and DOGE price surged by over 15% from lows of $0.34 to highs of nearly $0.39 on Monday morning.

DOGE price now eyes Fib extension level at 0.5 ($0.49)

A technical outlook by crypto analyst Kevin (@Kev_Capital_TA) shows that Dogecoin price needs to clear a macro golden pocket around $0.49 in order to validate a stronger upward move to new all-time highs.

Crypto analyst Kevin recently shared his insights on X, highlighting critical resistance levels that must be cleared before the cryptocurrency can embark on a journey toward new all-time highs. With the use of Fibonacci extension levels projected from Dogecoin’s previous bear market low in 2022/2023, Kevin mapped out key price points por bulls, starting with the macro golden pocket at $0.49.

Kevin identified $0.49 as the “macro golden pocket,” the first major resistance zone Dogecoin must conquer to initiate a bullish breakout. This level represents a significant extension point in the Fibonacci indicator and sits around the 0.65 Fib. Interestingly, the $0.49 macro golden pocket served as the peak of Dogecoin’s intriguing rally in late 2024. Dogecoin’s rejection at $0.49 kicked off a correction, which eventually rebounded at the 0.382 Fib extension level.

Breaking through $0.49 would put Dogecoin at its highest price point in almost four years. This in turn would undoubtedly provide the strength for further upward momentum and give Dogecoin bulls the confidence to push the price higher.

Path to new all-time highs: Subsequent resistance levels at $0.53 and $0.59

Crypto analyst Kevin also highlighted key price points to keep an eye on when Dogecoin eventually breaks above the macro golden pocket at $0.49. Following a breakout at $0.49, the next critical resistance lies at $0.53, marked by another key Fibonacci retracement level at 0.703.

Beyond $0.53, Dogecoin will face what Kevin described as the “final boss” at $0.59. Interestingly, this price point is also marked by another Fib extension level at 0.76. This level holds historical significance as a threshold before Dogecoin reached its current all-time high in 2021. The last time Dogecoin made a clean break above $0.59 at the 0.76 Fib extension, it took only a few days for it to reach its all-time high of $0.7316.

With this in mind, another clean break above $0.59 would pave the way for Dogecoin to challenge its previous all-time high and explore uncharted price territory.

At the time of writing, Dogecoin is trading at $0.389 and is up by 15.5% and 23.5% in the past 24 hours and seven days, respectively.