- DOGE breaks out of the falling channel, eyeing $0.27 with Fibonacci targets supporting momentum.
- Bull flag breakout and golden cross signal further upside, with $0.20 acting as key support.
- Strong derivatives data shows long dominance as volume surges 61%, reinforcing a bullish outlook.
Dogecoin is showing renewed upward momentum after breaking out of a falling channel. The cryptocurrency is trading at $0.2493, up 11.48% in the past 24 hours. Analysts say the next key target for DOGE is $0.27, with strong technical patterns supporting the bullish outlook.
Breakout from Channel with Fibonacci Targets
DOGE rebounded from the 0.618 Fibonacci retracement near $0.225 before breaking above a descending channel. The move reached the 0.786 Fibonacci level at approximately $0.23479 before the breakout occurred.
Fibonacci extensions indicate potential targets between $0.260825 and $0.268479. Ali Martinez stated, “$0.27 next for Dogecoin,” pointing to the breakout’s momentum if price holds above the breakout point. Support levels remain near $0.23 and $0.22, while resistance is set at $0.25.
Data from CoinMarketCap shows DOGE’s market capitalization at $37.52 billion, with trading volume up 61.48% to $3.82 billion over the last 24 hours. The market retained higher lows during the session, indicating sustained upward pressure.
Bull Flag Pattern and Golden Cross Signal
According to analysis prepared by Trader Tardigrade, DOGE has completed a bull flag breakout on the 4-hour chart, targeting $0.295. The pattern began with a rise from $0.20 to $0.24, followed by a period of downward consolidation.
A golden cross has also appeared on the daily chart, with the 50-day moving average crossing above the 200-day moving average. Trader Tardigrade noted that the last golden cross in late 2023 was followed by a strong rally. The $0.20 level now acts as a key support zone.
Derivatives data from Coinglass shows strong long positioning among top traders, with Binance top trader account ratios at 3.5351 in favor of longs. This positioning, combined with higher trading volumes, suggests that buyers are in control as DOGE approaches the $0.27 target.
