Dogecoin price has crossed the $0.18 mark with strong bullish momentum as analysts set a new price target of $0.2.

The meme coin sector has shown strength in the last 24 hours with a 12% increase in value.

Dogecoin price is now above the 200 EMA line and 50 EMA has influenced a positive crossover with the 100 EMA line.

Dogecoin price action is showing an evening star pattern to retest the 61.80% Fibonacci level.

As Bitcoin continues to show signs of momentum, meme coins are leading the cryptocurrency market in terms of recovery. In the last 24 hours, the meme coin sector has surged by 12%, reaching a total market capitalization of $54.14 billion.

The largest meme coin by market cap, Dogecoin (DOGE), now holds a valuation of $27.27 billion. Currently, DOGE is trading at $0.1830, having surged nearly 12% in the last 24 hours.

Will this sudden recovery push DOGE beyond the psychological $0.20 level?

Dogecoin Price Analysis

In the 4-hour price chart, Dogecoin price action is seen surpassing the short-term resistance trend line as predicted in our previous analysis. The short-term recovery run, forming a streak of bullish candles, is seen testing the 78.60% Fibonacci level at $0.1858.

As the price action moves above the 200 EMA line, it has also influenced a positive crossover in the 50 and 100 EMA lines. This signals a trend reversal in the short term, increasing the chances of further gains.

Moreover, the daily RSI line has entered the overbought region, indicating strong bullish momentum. However, the short-term struggle to break above the 78.60% Fibonacci level suggests a minor retest.

The current price action hints at an evening star pattern to retest the 61.80% Fibonacci level at $0.1727. But as the broader market shows signs of recovery, a post-retest turnaround in Dogecoin will likely prolong the uptrend to the $0.20 psychological level.

Analyst Sets New Price Target For Dogecoin

Crypto analyst Ali Martinez continues to highlight the bullish case for Dogecoin. According to him, DOGE has broken out of an ascending triangle pattern, with the neckline located at $0.1680.

With this breakout, Martinez anticipates further upside potential, setting a new price target of $0.1950. However, he does caution that a minor pullback, retesting the breakout zone, may occur before the next leg up.

#Dogecoin $DOGE appears to be breaking out of an ascending triangle, with a potential upside target of $0.1950!

After the breakout, a minor pullback is possible, leading to a retest of the breakout zone.

As the saying goes, "the trend is our friend." ధнаंजлио