The Technical Index of Dogecoin Price Confirms Support Levels, Current Medium-Term Target is 1.85 USD

Technical Analysis indicates that Dogecoin is about to confirm the support level on the weekly candlestick chart after maintaining a level above $0.21 in the past week. After several weeks of trading in a tug-of-war between buyers and sellers, the price movement of Dogecoin seems to be shifting in favor of the buyers, and the price action on the weekly timeframe is currently showing a convincing bullish setup. This trend is highlighted in the Technical Analysis by analyst MasterAnanda on TradingView, who notes that Dogecoin confirming above several exponential moving averages is key for the mid-term price target of $1.85.

Strong Support Maintained with Dogecoin on EMA The chart posted by MasterAnanda shows that Dogecoin has been trading above the EMA8, EMA13, and EMA21 for four consecutive weeks. This arrangement of the exponential moving averages, as shown in the chart below, has always been the beginning of strong bullish moves for Dogecoin. Each time the price holds above these moving averages on the weekly chart, it has paved the way for sustainable bullish trends. For example, in October 2023, the arrangement of these moving averages led to a strong bullish trend, pushing DOGE higher in the following months. A similar development also occurred during the period from September to October 2024, when Dogecoin surged after maintaining its position on the same set of EMAs. Currently, it seems that the recent market developments have witnessed Dogecoin establish a strong support level above $0.21. The analyst describes the confirmation of this support level as the moment that ends any remaining doubts, and traders who are waiting for signals of market strength can now see that technical indicators are clearly pointing upward. According to the chart, this support level is acting as a launchpad for a higher peak, and the likelihood of a prolonged bullish phase is increasing as trading volume continues to rise. The Next Target of Dogecoin Is $1.85 The sentiment of Dogecoin traders has been divided in recent weeks, with some traders leaning towards a bearish trend while others maintain an optimistic outlook. This divergence of views is not unusual, as analysts and cryptocurrency traders frequently oscillate between these opposing viewpoints. Now, as the support has been confirmed and Dogecoin is maintaining its bullish momentum above these exponential moving averages, the only thing left is for Dogecoin to continue trading with high volume. In this case, MasterAnanda predicted several intermediate targets at Fibonacci extension levels before reaching the final price target of $1.85. The first price target is $0.31 ( Fib level 0.382), followed by $0.48 ( Fib level 0.618). Surpassing this level would mean overcoming the strong resistance that had previously hindered Dogecoin in December 2024. The next target after $0.48 will be higher than the all-time high of 2021 at $0.7316, at $1.16, corresponding to the Fibonacci extension level of 1.618. Breaking through this level will pave the way for the final medium-term target of $1.85 at the Fibonacci extension level of 2.618.