Will Dogecoin Price Reach $0.20 After Recent Breakout?

Highlights:

• Dogecoin price breakout indicates potential for substantial upward movement.
• Bullish momentum is fueled by favorable market conditions and indicators.
• Key resistance levels cleared, setting sights on higher price targets.

Dogecoin (DOGE) price shows signs of a modest recovery after experiencing a dip in recent days. The cryptocurrency has been battling resistance levels but seems poised for another upward move. Analysts are hopeful that DOGE could potentially reach the $2 mark if the momentum continues.

Currently, DOGE’s 24-hour trading volume stands at $956.68 million, reflecting an increase of 11.64%. The market cap for Dogecoin is $24.43 billion, marking a 1.59% rise. This resurgence in DOGE is supported by a broader bullish trend in the market, with Bitcoin (BTC) trading above $88,000 and Ethereum (ETH) holding above $1,600. These developments are fueling investor optimism, suggesting that further price gains are possible in the near term.

Dogecoin Price Breaks Falling Wedge as Analyst Forecasts 70% Surge

Crypto analyst indicated that the DOGE price could climb 70% to reach $0.28 as the cryptocurrency broke past resistance levels. The presented daily chart showed Dogecoin breaking out of its falling wedge pattern, which indicated strong upward potential to the analyst. 

Dogecoin launched from the wedge shape after spending an extended time within the restricted trading zone of lower highs and lower lows. The data in the chart supports that a major shift within market trends started after an extended bearish market dominance. The previous area of breakout development has evolved into what might become a new area of support.

$DOGE Fallling Wedge Breakout in 1D Timeframe

Massive Bullish Wave Soon#Dogecoin pic.twitter.com/3CVx6htPim

— ZAYK Charts (@ZAYKCharts) April 22, 2025

The Dogecoin price actions receive continuous examination from crypto experts who validate a breakout formation. After a period of months Dogecoin made its first examination of an essential support zone. Numerous experts predict a major price increase will happen within the upcoming weeks because Dogecoin has begun breaking through past resistance zones.

This breakout from Dogecoin will launch a bullish trend that appears set for mid-2025. Leading analysts anticipate that the price will rise towards its target range now that it has settled within the breakout area. The successful outcome of future price tests indicates Dogecoin will activate a large upward price movement that could reach new value peaks.

$Doge #Doge Breakout Has Already Confirmed, Retesting In Process, Dogecoin Getting Ready Massive Bullish Wave In Midterm. https://t.co/LobxOuQe2E pic.twitter.com/BMwRnXgLhR

— World Of Charts (@WorldOfCharts1) April 22, 2025

Can Dogecoin Price Break $0.2 Levels Soon?

The DOGE price is experiencing an upward movement after breaking out from its previous downtrend. The memecoins saw a significant rise, touching a price of $0.1647, an increase of approximately 3% from their previous value.

The price surge has been accompanied by noticeable shifts in the technical indicators. The Moving Average Convergence Divergence (MACD) has turned positive, with a current value of 0.00073, suggesting the potential for further upward momentum. The Awesome Oscillator (AO) also shows positive momentum with a reading of 0.00304, confirming bullish signals.

DOGE has already cleared the immediate resistance level at $0.17 and is eyeing higher targets at $0.18 and $0.19. DOGE has broken key resistance levels, with the next target price reaching $0.20, a 21% increase from its current level.

If the DOGE price moves below the $0.1550 support level, it could face further bearish pressure, with potential declines toward $0.1500 and $0.1450, signaling a continuation of the downtrend.