Dogecoin Surpasses 0.23 USD - Analyst Predicts Next Price Target

The recent spike rally has pushed the price of Dogecoin above the important psychological level of 0.23 dollars, raising the spot price to around 0.236 dollars at the time of writing and extending the weekly bullish trend by more than 20%. The breakout occurred while Bitcoin continues to consolidate near the 120,000 dollar level, a level that many market technical analysts consider critical for the entire altcoin system. Technical strategist Kevin (@Kev_Capital_TA) has published the daily DOGE/USD chart on X. In it, the price movement of Dogecoin is framed by a multi-month downtrend line, which was first broken in November last year. Since that break, the price has returned to the diagonal three separate times—each touch marked in orange by Kevin, signaling what he describes as "typical behavior after a breakout." "It's only a matter of time before #Dogecoin returns to the .28-.30 level and then goes even further," he wrote. "As long as BTC holds strong and continues to show strength, this will happen soon."

Dogecoin price target Kevin's roadmap is built around a dense cluster of Fibonacci retracement levels dominating the right edge of the chart. The immediate resistance lies at the retracement bands of 0.618 and 0.65 - approximately $0.261 and $0.285 respectively - followed by 0.703 at $0.329 and the 0.786 level at $0.413. Lower still, the 0.5 retracement level at $0.190 has acted as a support level throughout July, while the 0.382 level at $0.138 marks the final defense line for mid-term bulls. In addition to the classic retracement grid, Kevin predicts a strong trio of Fibonacci extension levels—1.618 ($3,97), 1.65 ($4,33) and 1.703 ($5,00)—believing that the "thin air zone" of Dogecoin at the peak of the previous cycle could allow for a parabolic breakout if liquidity conditions reflect the situation of 2021. However, he emphasized that such targets "still depend on Bitcoin surpassing the $120,000 - $123,000 level and ideally skyrocketing to the $140,000 - $150,000 level, when the supply cost significantly decreases." "Everyone has forgotten that #BTC is leading this market, and if BTC drops, everything will collapse. ... BTC needs to break through the $123,274 mark – an extremely important milestone. I don't like fluctuating at this level for too long." Currently, Bitcoin's drop below its all-time high has dampened the excitement for altcoin. The macro picture becomes more complicated by the fact that, as Kevin noted, "BTC, Total 2, ETH, and many other altcoin are at significant resistance levels—so don't try to be a hero here. If you missed the lows, it's unfortunate, but don't FOMO at significant resistance." If Bitcoin makes the breakthrough that analysts are anticipating, the DOGE/BTC pair could accelerate strongly, proving Kevin's point that memecoin is "catching up" and may be ready for a superior percentage move as the overall market trend continues. Dogecoin is currently hovering around the resistance level of 0.618–0.65, with traders waiting for a daily close above 0.285 dollars to confirm the next bullish momentum. Conversely, failing to hold the wedge top near 0.19 dollars will delay the bullish trend and make the retest area after the breakout vulnerable.