Has the rise of Dogecoin begun?

Dogecoin has reignited its bullish momentum, surpassing important resistance levels and sparking new interest from traders and investors. The latest daily chart shows a classic setup that could lead to a breakout if the momentum is maintained. Let's analyze the technical factors and their implications for DOGE's price in the short term. Dogecoin Price Prediction: Will DOGE Break Out of the Accumulation Zone?

The recent bullish surge of Dogecoin to $0.2018 marks a significant shift from the prolonged accumulation phase throughout June. After several weeks of sideways price movement around the range of $0.15–$0.17, DOGE has now surpassed the psychological resistance level of $0.20, a level not seen since early May. The breakout from this horizontal resistance indicates the potential end of the accumulation zone and the beginning of a bullish phase. The price volatility of DOGE is supported by the Heikin Ashi candle model showing strong green candles with very little or no lower wick — a sign of continuous buying pressure. What Does the RSI Indicator Say About Overbought Conditions? The Relative Strength Index (RSI 14) is currently fluctuating around the level of 70.01, placing Dogecoin just above the overbought threshold. Historically, the price of DOGE tends to experience significant volatility when crossing the 70 mark, often rallying further before cooling off. However, traders should exercise caution here — while an overbought RSI is not an immediate reversal signal, it often precedes short term corrections or sideways accumulation. However, the RSI curve is steep and rising, indicating that momentum is still building. When the RSI tends to rise above 50 with prices continuing to reach higher peaks, this often signals a healthy bullish phase. Can Fibonacci Levels Predict the Next Price Target for DOGE? The chart also displays the Fibonacci extension levels calculated from the most recent low ($0.147) to the high ($0.208). Based on this: The level 0.236 (~$0.20) has just been tested and slightly surpassed. The level 0.382 (~$0.22) will serve as the next minor resistance level. The level 0.618 (~$0.25 ) is a more significant target if the bullish momentum is maintained. Forecasting the price target of Dogecoin using Fibonacci Extension: Let's apply the Fibonacci extension method of 1.618 from the lowest point to the highest point: Expansion target = Low + (1.618 × (High - Low))= 0.147 dollars + (1.618 × (0.208 dollars - 0.147 dollars))= 0.147 + (1.618 × 0.061) ≈ 0.147 + 0.0986 ≈ 0.245 This calculation aligns with the 0.618 retracement level on the chart — indicating a bullish target of $0.245–$0.25 in the near future. Will the price of DOGE hold above 0.20 USD or will it decrease? The $0.20 level has been a significant psychological barrier. Currently, the price of Dogecoin is trading above this level, and the next 1-2 closing sessions will be very important. If the price of DOGE holds above $0.20, this will confirm the breakout. However, if the price drops back below this level with high trading volume, it could trigger a bullish trap and a short-term adjustment to the $0.18-$0.185 level. Key support zones to pay attention to: Immediate support: $0.192 Stronger support: $0.185 Psychological support and lower low: $0.17 If it cannot hold the level of 0.192 dollars, DOGE may have to test the previous consolidation range. Dogecoin Price Prediction: What Will Happen Next With Dogecoin In July? If the RSI remains above 70 for several sessions and the price stays above $0.20, the price of DOGE could rise to around $0.22–$0.25. The increasing volume, candle structure, and trend strength currently support this viewpoint. However, traders should pay attention to the following confirmations before participating or doubling their money: At least two days closing above $0.202 RSI maintaining the range of 65–75 with the MACD crossover ( not shown here but relevant ) Assuming the current trend continues and Bitcoin does not reverse strongly, the price of Dogecoin could test the level of $0.22 in the next 5–7 days and $0.25 before the end of July. The price of Dogecoin is showing strong breakout signs after several weeks of accumulation. With technical indicators like RSI and Fibonacci extensions converging, the likelihood of DOGE reaching $0.22–$0.25 is increasing. However, if it cannot hold above $0.20, the price may test the $0.185 level again. The coming days will be a key factor in determining whether this breakout will be sustained or fade.