Dogecoin Breaks $0.18 With 12% Surge: Is $0.20 Next?

Dogecoin has crossed the $0.18 mark with strong bullish momentum. Analysts are eyeing a target of $0.2, while derivatives data shows growing interest. With Bitcoin gaining momentum, meme coins are leading the recovery rally. Over the past 24 hours, the meme coin sector has surged by 12%, reaching a total market capitalization of $54.14 billion. The largest meme coin by market cap, Dogecoin , now holds a valuation of $27.27 billion. Currently, DOGE is trading at $0.1830, having surged nearly 12% in the last 24 hours. Will this sudden recovery push DOGE beyond the psychological $0.20 level? Dogecoin Price Analysis In the 4-hour price chart, the Dogecoin price action surpasses the short-term resistance trend line as predicted in our previous analysis. The short-term recovery run, creating a streak of bullish candles, is challenging the 78.60% Fibonacci level at $0.1858.

Dogecoin price has surpassed the 200 EMA line. Furthermore, it has influenced a positive crossover in the 50 and 100 EMA lines. This marks a trend reversal in the short term, increasing the upside chances.  Additionally, the daily RSI line has entered the overbought region, signaling strong bullish momentum. However, the short-term struggle to exceed the 78.60% Fibonacci level warns of a minor retest.  The current DOGE price action hints at an evening star pattern to retest the 61.80% Fibonacci level at $0.1727. However, as the broader market recovers, a post-retest turnaround in Dogecoin will likely prolong the uptrend to the $0.20 psychological level. Analyst Targets $0.195 With Triangle Breakout Crypto analyst Ali Martinez supports the bullish case by highlighting a breakout rally in Dogecoin. According to him, DOGE has broken out of an ascending triangle pattern, with the neckline at $0.1680. Based on Fibonacci projections, Martinez forecasts an upside potential to $0.1950. However, a minor pullback retesting the breakout zone remains possible. https://twitter.com/ali_charts/status/1914742749892399213/ Derivatives Market Expects Continued Uptrend in Dogecoin Over the last 24 hours, Dogecoin’s strong recovery has driven increased activity in the derivatives market. According to Coinglass, DOGE's open interest has jumped nearly 13%, reaching $1.93 billion.

Additionally, the funding rate has climbed to 0.0097%, reflecting heightened bullish sentiment. In the same period, short liquidations totaled $10.64 million, further fueling the rally. As a result, the derivatives market appears to be anticipating a continued bullish move in Dogecoin prices.