Dogecoin Rebounds 50% From Support Level, Eyes 200% Gains

Dogecoin (DOGE) has shown signs of recovery, rebounding from a long-standing support level near $0.1469. This support zone has historically served as a foundation for upward price movements, and traders are optimistic that if the current trend holds, significant price actions could unfold in the coming months.

According to an analysis by Kamran Asghar, Dogecoin is approaching a golden cross on the weekly chart. This technical indicator occurs when the 10-week simple moving average crosses above the 20-week moving average. In past cycles, similar setups have led to gains exceeding 200%. Currently, Dogecoin is trading just below $0.22, a level identified as a major resistance. If DOGE manages to break through this barrier, analysts anticipate it could move toward $0.4355 and potentially as high as $1.179, based on Fibonacci extension levels.

Analyst Surf, using monthly charts, confirmed these targets, pointing to Fibonacci 1.618 and 2.618 extensions. These levels are commonly used by traders to project long-term price ranges during new cycles. The price structure on monthly timeframes also indicates a trend of higher lows, supporting the ongoing recovery.

Derivatives data reflects a bullish market sentiment. Open interest in Dogecoin futures has increased by 1.75%, reaching $1.82 billion. This signals a growing allocation of capital toward long positions on major exchanges. Long/short ratios remain positive, with a ratio of 2.89 on Binance and 3.65 on OKX, indicating that more traders are expecting a price increase rather than a decline. Additionally, the options market has seen a 578% increase in volume, showing rising speculative activity. With funding rates staying neutral, analysts note that leverage levels are manageable, and the market remains positioned for a sustained rally if momentum builds above $0.22.