Dogecoin price is trading at $0.1825 as the crypto market continues to recover. The meme coin segment has seen its market capitalization increase by 8.60% over the past 24 hours, reaching $56.47 billion.

Among the meme coins, Dogecoin is the biggest, with a market cap of $27.20 billion. The cryptocurrency price increased by 6.30% over the last 24 hours.

Currently, DOGE is being traded at a market price of $0.1825, and it’s teasing a potential breakout of the $0.20 level.

The daily chart shows that the Dogecoin price action broke out of a falling wedge pattern. The breakout occurred with a 12% surge on April 22, which created a bullish engulfing candle.

After the breakout rally, the price went past the 50-EMA line and the 23.60% Fibonacci level at $0.1820. With a new streak of bullish candles, the meme coin is showing a trend reversal.

The intaradary candle shows lower price action and reveals a bullish struggle to sustain above the 23.60% level. With the short-term turnaround, the MACD and signal lines are entering positive territory.

Also, the newly formed positive histograms reflect increased bullish momentum. As the meme coin went past the 50-day EMA, the next dynamic resistance is at the $0.20 psychological mark and the 100-day EMA line.

As the wedge breakout rally gains momentum, the Fibonacci levels suggest the next price target is $0.2131, at the 38.20% level.

As the meme coin breakout rally gains momentum, bullish sentiment in the derivatives market is increasing. According to Coinglass, long positions in Dogecoin derivatives have seen a sharp spike.

The long-to-short ratio chart reveals that 63.66% of positions are long, which were built up over the past few hours. This pumps the long-to-short ratio to 1.7518 and fuels the possibility of an extended recovery.

The short-term price analysis shows significant upside potential for Dogecoin, and Trader Tardigrade, a crypto analyst, is targeting a massive upswing. The analyst anticipates a potential 600% surge for Dogecoin.

In the price chart, the analyst highlighted a long-standing support trendline, which previously gave a 200% and 400% rally. With the new price target of 600%, the analyst expects a price surge to $0.93.