Technical analysis indicates that Dogecoin is on the verge of confirming support on the weekly candlestick timeframe chart after managing to stay above $0.21 over the past week. Following several weeks of mixed sentiment from bulls and bears, Dogecoin’s price action appears to be leaning toward buyers, with the weekly timeframe now displaying a convincing bullish setup.
This trend was highlighted in a technical analysis by TradingView analyst MasterAnanda, who pointed out that Dogecoin’s confirmation above several exponential moving averages is crucial for a midterm price target of $1.85.
Strong Support Holds With Dogecoin Above EMAs
The chart shared by MasterAnanda illustrates that Dogecoin has been trading above the EMA8, EMA13, and EMA21 for four consecutive weeks. This configuration of exponential moving averages, as depicted in the chart below, has historically marked the beginning of significant upward movements in Dogecoin’s price. Each instance of the price consistently holding above these averages on the weekly chart has led to sustained rallies.
For example, in October 2023, this alignment of moving averages preceded a sharp rally that propelled DOGE higher in the subsequent months. A similar pattern was observed between September and October 2024, when Dogecoin soared after remaining positioned above the same set of EMAs.
Currently, it appears that recent market dynamics have led Dogecoin to establish sturdy support above $0.21. The analyst characterized this confirmation of support as the moment that dispels any lingering doubt, allowing traders seeking signals of market strength to see that the technical indicators point resolutely upward. The chart suggests this support is acting as a launchpad for a higher high, and the likelihood of an extended bullish run is increasing with ongoing increases in trading volume.
Chart Image From TradingView: MasterAnanda
Next Dogecoin Target At $1.85
The sentiment among Dogecoin traders has been mixed in recent weeks, with some leaning bearish while others remained optimistic. Such divergence of opinion is not uncommon, as crypto analysts and traders often fluctuate between opposing views.
Now that the support has been confirmed and Dogecoin is maintaining momentum above these exponential moving averages, the next step is for Dogecoin to continue trading with high volume.
In this scenario, MasterAnanda projected multiple intermediate targets at Fibonacci extension levels prior to reaching a final price target of $1.85. The first target is set at $0.31 (0.382 Fib level), followed by $0.48 (0.618 Fib level). Escaping past this level would indicate a break above strong resistance that halted Dogecoin in December 2024.
The next target after $0.48 is above the 2021 all-time high of $0.7316, specifically at $1.16, which aligns with the 1.618 Fibonacci extension. Surpassing this level would open the pathway for the ultimate midterm target of $1.85 at the 2.618 Fib extension level.
At the time of writing, Dogecoin was priced at $0.2324.
Featured image from Unsplash, chart from TradingView
