Dogecoin price forecast: Meme coins rise by 6%, while bulls aim for the outbreak at $ 0.20

• The market capitalization of the meme coin segment grew by 8.60 % to $ 56.47 billion.
• Coinglass data show that 63.66 % of Dogecoin derivate dealers hold long positions.
• fibonacci levels raise $ 0.2131 as the next big goal after $ 0.20.

Dogecoin again attracts attention, while Bitcoin maintains its status over $ 93,000.

In the last 24 hours, the meme coin segment has a strong increase in 8.60 % in the total market capitalization, which has achieved $ 56.47 billion.

led by Dogecoin, its value increased by 4.30 %, which raised market capitalization to $ 27.03 billion.

Since doge now fluctuates by $ 0.18, dealers observe exactly a decisive step over the psychological hurdle of $ 0.20

Source: Coinmarketcap

While the bullish dynamic builds up, ask whether Dogecoin is preparing for a sustainable outbreak or even a possible doubling of its value.

Dogecoin price breaks through Wedge pattern, while bulls regain control

In the daily type, the Dogecoin price shows a clear bullish outbreak from a falling wedge formation.

This important technical move materialized with a strong increase of 12 % on April 22, which led to a bullish engulfing candle.

The rally helped Doge to rise above the 50-day exponential sliding average (EMA) and the 23.60 % Fibonacci retreat level at $ 0.1820.

Since bullish candles continue to arise, the outbreak indicates the beginning of a trend reversal.

Currently DOGECOIN is fighting to keep his soil over the 23.60 % Fibonacci brand.

Meanwhile, momentum indicators such as the MACD (Moving Average Convergence Divergence) show positive developments.

The MacD and signal lines approach the entry into the positive territory, accompanied by newly appearing positive histograms.

with the price movement that exceeds the 50-day EMA, the next dynamic resistance is close to the psychological brand of $ 0.20 and the 100-day EMA.

If the dynamics of Dogecoin stop, Fibonacci projections indicate that the next immediate goal is $ 0.2131, which corresponds to the $ 38.20 %.

derivate data show increasing bullish mood for Dogecoin

During the Dogecoin price higher, the bullish atmosphere on the derivative market wins.

according to data from Coinglass have significantly increased.

The ratio of long-to-short positions is now at 1.7518, with about 63.66 % of the dealers taking long positions.

This remarkable increase indicates growing optimism regarding an extended rally and further strengthens the ongoing recovery narrative.

The shift in derivative positioning indicates that the market participants are preparing for a continuation of the bullish outbreak, especially if Dogecoin can successfully secure a final course of $ 0.20.

Analyst identifies potential 600 % rally if trend line holds

In addition to the bullish perspective, the popular crypto analyst trader TARDigrade has presented a striking Dogecoin price forecast.

According to the current technical chart of the analyst, a long-lasting support trend line historically rally of 200 % and 400 % in the price of Dogecoin.

Based on this pattern, the analyst predicts the possibility of an increase of 600 %if the trend line lasts. Such a movement would bring the price of Dogecoin to about $ 0.93.

Although this scenario draws a very optimistic picture, the historical success of the trend line offers a certain basis for bullish projection.

Nevertheless, broader market conditions, the stability of Bitcoin and retail entertainment will probably play decisive roles in this as to whether Dogecoin can achieve such ambitious price goals in the coming months.