"Dogecoin (DOGE) Price Prediction: Trend Reversal Breakout Above $0.20 Could Lead to $0.28–$0.30 Resistance"

"Dogecoin is trading above the 50-day EMA, signaling a trend reversal. A breakout above $0.20 could lead to the $0.28–$0.30 resistance zones."

Bitcoin price is struggling to break above the $94,000 mark after a strong recovery from the $80,000 zone.

Despite this sideways movement, altcoins are preparing for a major trend reversal. Among the meme coins, Dogecoin is leading the way.

The narrative has shifted from Bitcoin dominance to meme coin trends in 2024. After a bear market that began in November 2024, cryptocurrencies encountered significant difficulties in December.

However, as we approach the final quarter of 2024, the cryptocurrency market is showing signs of recovery.

Dogecoin Price Analysis

Dogecoin, the largest cryptocurrency in the meme coin segment, is currently trading at $0.1812 with a market cap of $27 billion.

Over the past week, Dogecoin has surged by nearly 12%. As Dogecoin holds above the $0.17 mark, will the meme coin witness a breakout rally to $0.20?

On the daily chart, the Dogecoin price trend shows a strong pullback after the December 24 rally. Since then, the price has dropped by nearly 60% from its swing high of $0.4846.

The decline marked a local bottom at $0.1410 before signaling a potential trend reversal. Last week, Dogecoin’s recovery surpassed the 50-day EMA, hinting at a potential turnaround.

The intraday candle shows lower price rejection from the 24-hour low of $0.1738, with an intraday recovery of 1%.

Moreover, the MACD and signal lines maintain a positive flow, crossing above the zero line. However, the short-term consolidation near the average line has led to a minor drop in trend momentum.

These signals show a decline in positive histograms, warning of a potential negative crossover. Additionally, the recovery has surpassed the highest trading volume range since December 24, near $0.17.

As Dogecoin continues to float above $0.17, the uptrend faces the next prominent volume zone near $0.20.

Beyond this psychological level, the next high-volume zone begins at $0.32, suggesting significant upside potential if the uptrend breaks above $0.20.

DOGE Price Targets

If Dogecoin rises from the 50-day EMA, the uptrend will likely face strong resistance near the $0.20 psychological mark. This level coincides with the 23.6% Fibonacci level and the declining 100-day EMA.

Beyond this, the bulls will likely target the $0.30 psychological level and the 50% Fibonacci level at $0.28. On the flip side, crucial support for Dogecoin remains at $0.17, followed by the $0.15 psychological level.