- DOGE holds above $0.16, signaling strong support and potential for a bullish breakout.
- Key Fibonacci levels suggest $0.24 could be the next major upside target for Dogecoin.
- Rising derivatives activity and whale flows show renewed interest and market confidence in DOGE.
Dogecoin (DOGE) is holding steady above the $0.16 level, reinforcing expectations for a potential rally toward $0.24. As of now, DOGE is trading around $0.1637, maintaining its recent recovery after bouncing back from key support levels. Analysts suggest this consolidation could lead to a bullish breakout.
Technical Setup Supports Further Upside
According to an analysis prepared by Ali Martinez, Dogecoin is maintaining an ascending trendline that has been respected since late 2023. The asset recently recovered from the $0.14 to $0.15 demand zone and continues to show strength near this level. This suggests that buyers are actively defending the trendline.
Martinez also noted that DOGE’s $0.24 target aligns with the 0.5 to 0.618 Fibonacci retracement levels. These zones can be considered as important price reaction points of trending markets. This long-term trendline support combined with Fibonacci confluence would make a clean technical structure that traders are waiting to see.
The asset is also pushing back toward previous local highs. This upward movement is occurring between two known liquidity zones. The maintained price activity near the $0.16 level shows the increasing buyer pressure and the potential reversal of the trend in conditions of recent consolidation.
Market Signals Show Renewed Optimism
According to an observation by Crypto Mullah, Dogecoin has rebounded from the lower boundary of a descending triangle on the daily chart. This bounce suggests more upside could follow if support holds and volume increases.
Open interest in DOGE derivatives has also risen by 15.78%, showing growing trader confidence. Options trading volume has surged by over 400%, according to recent market data.
Meanwhile, whale activity and MVRV ratio improvements are reinforcing bullish sentiment. Analysts say breaking the $0.19 resistance is key, as doing so may open the way to higher targets, including $0.24 and $0.26.
