Dogecoin’s Price Rests Above Key 20-Month Moving Average at $0.1751

The 20-month simple moving average (SMA) for Dogecoin (DOGE) is critical in determining its price trajectory. Currently, DOGE trades above this average at $0.189, which is positioned at $0.1751.

Key Insights on Dogecoin's 20-Month SMA

Three significant retests of the 20-month SMA since 2014:

March 2017: Price near $0.00020, followed by a 9,000% surge to January 2018 peak.
Winter 2020: Price about $0.0025, leading to a 34,500% rise to $0.73 by May 2021.
Current encounter started August last year with over 480% rally.

Recent monthly candles dipped below $0.20 but were aggressively bought, maintaining upward momentum.
A close below $0.175 could trigger a multi-month downtrend similar to 2018 and 2021.

Broader Market Analysis

Analyst Kevin highlights the total cryptocurrency market capitalization excluding Bitcoin (TOTAL2), noting it has formed a seven-year rising channel. A breakout is anticipated with the total alt-cap currently around $1.2 trillion.

Breakout requires a monthly close above the upper supply zone between $1.43 trillion and $1.7 trillion.
Potential targets include:

$4.06 trillion at Fibonacci extension 1.618
$4.57 trillion at 1.886
$5.89 trillion at 2.0
$6.9 trillion at 2.618, coinciding with the channel ceiling.

Historically, Dogecoin's explosive cycles began after TOTAL2 broke prior-cycle highs, indicating potential for altcoin growth.

The continuation of the upward trend for Dogecoin is contingent on maintaining the 20-month SMA and a successful breakout in the broader alt-cap market. Monitoring the monthly close will be crucial for future movements.