Dogecoin is trading above $0.12 after a 20% pump over the past two days, reigniting investor enthusiasm. The meme coin struggled to break the $0.11 mark, leaving investors frustrated as prices of other cryptocurrencies surged.

The recent breakout has improved sentiment and Dogecoin is now eyeing higher goals. Analysts believe this momentum could lead to further gains once DOGE successfully breaks through key resistance levels.

One top analyst even set a bullish target of $0.20 in the coming weeks, suggesting Dogecoin could see another significant upside if the broader market remains sturdy.

The recent breakout could signal the start of a longer-term uptrend, especially if DOGE manages to hold support above $0.12 and continues to attract buying interest. Investors will be closely monitoring Dogecoin’s performance in the coming days.

Dogecoin price is rising rapidly

Dogecoin is currently testing key supply levels around $0.125, a price not seen since overdue July. As the overall cryptocurrency market surged, sentiment quickly changed from fear to hope. Investors are now looking at Dogecoin with renewed optimism, expecting further gains in the coming weeks.

A prominent TraderNJ analyst recently shared information detailed technical analysis on Xhighlighting key resistance levels for DOGE at $0.149, $0.178 and $0.208. TraderNJ expressed great confidence in the meme coin’s performance, predicting that Dogecoin could “hit the $0.20 mark in no time.” This bullish outlook reflects high expectations for Dogecoin, as historical patterns show that when meme coins begin to rise, they often experience rapid price acceleration.

Dogecoin’s current price action suggests that a break above $0.125 could open the door to significant upside. The cryptocurrency market has shown resilience and a tendency to surprise skeptics, and Dogecoin is no exception. If DOGE manages to break above its immediate resistance levels, it could potentially trigger a rapid rally similar to historical price movements.

Traders and investors are closely monitoring Dogecoin’s performance as it tests these key levels. A sustained rise above $0.125 would be a positive sign, reinforcing bullish sentiment and potentially attracting more buying interest.

However, the meme coin’s notorious volatility means that any breakout can be accompanied by edged swings. As optimism builds, the next few weeks will be crucial in determining whether Dogecoin can maintain its momentum and achieve the price targets set by analysts like TraderNJ.

DOGE Price Action: Key Levels to Watch

Dogecoin (DOGE) is currently trading at $0.124 after two days of impressive gains and renewed market excitement. The meme coin recently finished above the $200 daily exponential moving average (EMA) at $0.117, a critical indicator it has not broken above since overdue July. A rebound at this level suggests a potential shift in momentum, pointing to long-term strength and a more positive outlook in the coming weeks.

However, maintaining this uptrend will require DOGE to hold above the 1D 200 EMA and continue to challenge higher supply levels around $0.14. If the price manages to break this resistance, it may pave the way for further increases and consolidate the upward trend.

On the other hand, if Dogecoin fails to sustain above the 1D 200 EMA, the bullish scenario could quickly reverse. A pullback to lower demand levels around $0.105 could then be expected, which would potentially signal a pause in the recent rally. Investors are closely watching whether Dogecoin can maintain its momentum or if it faces another pullback like it has seen in previous months. The coming days will be crucial in determining the short-term direction of the meme coin’s development.

Featured image from Dall-E, chart from TradingView