Dogecoin's recent rebound has solidified its position as a key player in the cryptocurrency market, earning it the title of 'King of Crypto.' DOGE set a higher high on the weekly chart after breaking through the critical high time frame (HTF) resistance level of $0.32—this is a strong technical indicator of sustained bullish momentum. One important HTF resistance level that DOGE successfully overcame is $0.32, as shown in the chart and highlighted by Skew analysis. This breakout is crucial as it indicates a structural change in the asset's trend, opening the door for short-term price stabilization between $0.32 and $0.40. Today, the $0.40 level is a key target for bulls. If this level holds, the likelihood of further upside will increase. Additionally, the pivot point is the 0.5 Fibonacci retracement level at $0.398.
A closing price above this level can serve as a launch pad for DOGE, thus increasing its price momentum. Therefore, $0.42 is a critical level for the continuation of the rebound journey. At $1.16, the chart also mentions the 1.618 Fibonacci extension. Although this target seems lofty, if technical strength and market momentum work together, DOGE could enter this area.
More general market conditions, investor sentiment, and DOGE maintaining its position above the $0.42 threshold will all affect the likelihood of reaching that level. If it crosses this area, it may increase volatility and lead to explosive gains. In the coming week, DOGE may establish a balance between $0.32 and $0.40 as traders consolidate profits and await the next catalyst. However, if bullish momentum continues to accelerate, the likelihood of DOGE testing higher Fibonacci extension levels will rise sharply.
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