And then there’s Dogecoin, the meme-based cryptocurrency that’s roaring back to life in a major way. This positive momentum is being driven by increasing optimism regarding its current technical setup. Analyst Says Dogecoin Has Moved Beyond Its Meme-Phase. They believe it’s just now entering a new phase of development that will spur big expansion. Dogecoin has reclaimed the $0.2 price level after a fresh wave of bullish momentum swept across the market in the past 24 hours. This major comeback has many investors and analysts excitedly anticipating its next steps.

Technical Indicators Suggest Bullish Momentum

Dogecoin’s new MACD movement is similar to an arrangement that came before its parabolic leap to $0.48 in December. Over those few months, Dogecoin entered a speculative frenzy that allowed the price to shoot from less than $0.1 to more than $0.48 in a matter of weeks. If history is any guide, this pattern means another explosive move could be coming soon.

In October 2024, Dogecoin experienced a midline retracement after a bullish cross. That movement provided the foundation for explosive upside momentum going into November and December 2024. If history is anything to go by, Dogecoin might be able to surpass $0.7 in the upcoming months. In order for this rally to flourish, Dogecoin must continue to close every day and week above $0.2. It has been gaining a difficult battle to hold this mark since early June.

Price Targets and Liquidation Levels

Dogecoin is scaling higher, having recently cleared the $0.2 level, clearing two more key targets. This recent upward movement has brought to light some major liquidation levels that might affect price action going forward.

Specifically, there is $2.46 billion in potential liquidation at the $0.189 peg and another $2.14 billion at $0.1995. Our favorite Trader Tardigrade pointed out these levels, indicating that smart market makers are fully cognizant of this fact.

market makers are aware of these levels, so you don’t have to worry about $Doge 🚀 - Trader Tardigrade

Market Sentiment and Future Outlook

Dogecoin’s impressive return is not occurring in a vacuum. A larger wave of bullish momentum has rolled through the entire cryptocurrency market, helping drive Dogecoin’s exponential increase. With a rapid succession of positive technical indicators and renewed market interest, conditions seem especially right for a breakout growth.

In order for dogecoin to continue its upward trajectory, the meme coin needs to hold above the $0.2 level. This will be the key for its likelihood to rehash its early, parabolic, explosive move. Investors and analysts are hotly anticipating seeing how it holds up over the next few weeks. More than anything, they just want to judge the depth and permanence of this bullish trend.