Dogecoin Shows Resilience as Breakout Signal Sits at $0.18

Dogecoin is displaying resilience amid a generally weak crypto market. Trader Daan Crypto Trades highlighted a potential upward move if DOGE can break and maintain above $0.18, targeting a high of $0.218.

Key Points

DOGE recently traded around $0.172 on Binance, just below a crucial support band between $0.17 and $0.18.
The upper target is set at $0.218, representing a 23.1% potential upside if momentum aligns.
US market narratives, such as proposed $2,000 stimulus checks, are influencing trader behavior, reminiscent of the 2020-2021 "stimmy check" era.
Daan suggests Dogecoin could form a base if it reclaims the green zone with strength above $0.18, indicating sellers have lost control.
However, broader market conditions for Bitcoin and Ethereum need to remain stable for DOGE's scenario to play out.
DOGE is seen as a high-beta asset reflecting market risk; breakdowns in BTC and ETH would invalidate DOGE's potential upward move.

At press time, DOGE was trading at $0.15943.

Dogecoin price