- Dogecoin rebounds from $0.1469 support with a golden cross forming on the weekly chart.
- Fibonacci targets of $0.4355 and $1.179 are in focus if DOGE breaks above $0.22 resistance.
- Futures and options data show rising bullish sentiment with $1.82B in open interest.
Dogecoin (DOGE) is showing renewed strength as it rebounds from the long-standing support near $0.1469. This zone has historically acted as a base for upward moves. Traders and analysts believe that if the current setup holds, major price movements could unfold in the coming months.
Golden Cross and Fibonacci Targets Fuel Breakout Expectations
According to an analysis prepared by Kamran Asghar, Dogecoin is nearing a golden cross on the weekly chart. This occurs when the 10-week simple moving average crosses above the 20-week moving average. Similar setups in past cycles led to gains of over 200%.
Currently, Dogecoin is trading just below $0.22, a level analysts see as a major resistance. This area is a key hurdle before the asset can seek higher price levels. If DOGE breaks through this barrier, analysts expect it to move toward $0.4355 and potentially as high as $1.179 based on Fibonacci extension levels.
Analyst Surf, using monthly charts, confirmed these targets, pointing to Fibonacci 1.618 and 2.618 extensions. These targets are often used by traders to project long-term price ranges during new cycles. Price structure on monthly timeframes also shows a trend of higher lows, which supports the ongoing recovery.
Derivatives Data Reflects Bullish Market Sentiment
According to Coinglass data, open interest in Dogecoin futures has increased by 1.75%, reaching $1.82 billion. This signals a growing allocation of capital toward long positions on major exchanges like Binance and OKX.
Long/short ratios also remain positive. On Binance, the ratio stands at 2.89, and on OKX, it is 3.65. These numbers show that more traders are expecting a price increase rather than a decline.
Additionally, the options market has seen a 578% increase in volume, showing rising speculative activity. With funding rates staying neutral, analysts note that leverage levels are manageable, and the market remains positioned for a sustained rally if momentum builds above $0.22.
