Dogecoin Holds Above $0.21 Support as Analysts Target $2 Rally
Dogecoin (DOGE) remains above the $0.21 support level, currently trading at $0.216, up 0.34% in 24 hours. Analysts identify a bullish cup-and-handle pattern with a target of $0.30 and long-term projections suggesting a potential rise to $2.
Key points include:
- A recent transfer of 900 million DOGE ($200 million) to Binance momentarily increased selling pressure but was quickly countered by strong buying support.
- The Relative Strength Index (RSI) is at 47, indicating neutral momentum, while DOGE trades below short-term moving averages but above its 200-day SMA at $0.20.
- The Moving Average Convergence Divergence (MACD) shows mild bearish signals, yet stabilization around $0.21 suggests a possible reversal.
- Bollinger Bands indicate DOGE is near the lower range, with potential to test $0.24 resistance. A breakout above this could lead to $0.30 or higher.
September is critical for DOGE, with analysts suggesting that maintaining the $0.21 support could trigger a parabolic rally. Regulatory optimism regarding U.S. crypto ETF approvals may also enhance institutional inflows.
The $0.20–$0.21 range offers a favorable risk-reward setup for traders, indicating a significant breakout potential if support holds.
