Dogecoin Breaks Key Resistance Levels
Dogecoin (DOGE) is showing a bullish trend as it surpasses significant resistance levels. Technical indicators suggest positive momentum, raising the question: Will DOGE hit $0.35 and challenge higher price zones?
Following Bitcoin's recent price surge, the meme coin market has seen notable improvements. Dogecoin rose by 4.22% yesterday, January 2, during a 24-hour period, contributing to the recovery of the meme coin market capitalization above $100 billion. Could this development mark the beginning of a bullish run in 2025?
Bullish Recovery of Dogecoin on the 4-Hour Chart
On the 4-hour chart, Dogecoin shows a strong recovery from the demand zone at $0.30. The price broke above the local resistance trendline, which previously dominated the short retracement phase.
Now, Dogecoin is approaching the 38.20% Fibonacci level at $0.3303 while facing further resistance from the 100 EMA at $0.3357. Currently, DOGE is trading at $0.33053, with positive short-term recovery momentum influencing the 20 EMA line. This line is preparing for a bullish crossover with the 50 EMA, signaling further upward momentum.
The bullish rebound from the $0.30 demand zone is also supported by bullish divergence in the RSI. The 4-hour RSI has reached 60.15 and is preparing to enter the overbought zone. Thus, technical indicators point to Dogecoin being a strong buy.
DOGE Price Targets
Based on Fibonacci levels, Dogecoin’s short-term recovery, which broke above the local trendline, could surpass the 50% Fibonacci level at $0.3551. However, two key dynamic resistances are present near the psychological zone of $0.35:
100 EMA at $0.3357
200 EMA at $0.34719
These levels could serve as short-term price targets for leveraged traders.
If the price breaks above the 50% Fibonacci level, it could challenge the previous resistance zone between $0.37772 and $0.41557. On the downside, failing to sustain above the 38.20% Fibonacci level could lead to a retest of the $0.30 demand zone.
Conclusion
Dogecoin is exhibiting strong bullish momentum, with technical indicators pointing to further growth. The key will be whether the price can surpass Fibonacci levels and resistance zones to achieve new highs. Traders should monitor the psychological $0.35 level and critical resistance levels for DOGE’s next moves.
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