Dogecoin News Today: Dogecoin Surges 17.7% on Bullish Breakout and Fibonacci Breaks

Dogecoin has recently shown promising signs of a potential market turnaround, with technical indicators suggesting it could be on a path toward reaching $1. Crypto analyst MMBTtrader, using the 3-day candlestick chart from TradingView, highlighted a key development: Dogecoin broke out of a long-term downtrend channel on July 15, marking a shift from bearish to bullish momentum. This was followed by a retest of the trendline on July 21, which the analyst viewed as confirmation that buyers have taken control [1].

The breakout was further supported by a strong rebound from the $0.188 level on August 2. Three consecutive bullish 3-day candles formed after this rebound, signaling a healthier market structure and a potential for continued upward movement [1]. Analysts are now focusing on key resistance levels that must be cleared for Dogecoin to progress toward its $1 target. The first critical level is $0.32, which aligns with a significant Fibonacci resistance and a former support level from December 2024. A successful break above this level would indicate a bullish reversal [1].

More crucially, a clean breakout above $0.40 is seen as a pivotal moment in Dogecoin’s price journey. Analysts view this as a potential gateway to a more aggressive bullish phase, with price projections potentially pushing beyond the coin’s current all-time high of $0.73 and eventually toward $1 [1]. This level is marked on the chart by a prominent red horizontal resistance zone, emphasizing its importance in the short-to-medium term.

Dogecoin is currently trading at $0.2355, showing a 6.2% increase over the past 24 hours and a 17.7% rise over the last seven days. Maintaining a position above the $0.216 level, corresponding to the 0.5 Fibonacci level, remains critical for sustaining the current bullish momentum. A failure to hold above this level could lead to renewed bearish pressure [1].

While the $1 target remains ambitious, it is viewed as increasingly within reach, provided Dogecoin can maintain key support levels and generate sustained buying interest. Analysts continue to closely monitor price action, with many emphasizing that the coin’s strong community and growing adoption could serve as key catalysts for further gains [1].

Sources:

[1] Dogecoin To $1 Is Within Reach—Here’s What Must Happen First, Says Analyst (https://www.newsbtc.com/altcoin/dogecoin-to-1-is-within-reach-heres-what-must-happen-first-says-analyst/)