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Dogecoin The recent rally has solidified its position as a key player in the crypto market, earning it the title of king of crypto. DOGE reached a higher high on the weekly chart after breaking through a crucial resistance level at $0.32 high time frame (HTF) – a powerful technical indication of continued bullish momentum. An important HTF resistance that DOGE managed to overcome is $0.32, as shown in the chart and highlighted by Biased analysis.
This breakout is crucial as it indicates a structural change in the asset’s trend, opening the door for near-term price stabilization between $0.32 and $0.40. Nowadays, the $0.40 mark is a crucial target for the bulls. The likelihood of further upward movement increases if this level holds. Additionally, a pivot point is the 0.5 Fibonacci retracement level at $0.398.
A firm fence above this level could serve as a launching pad for DOGEincreasing its price speed. For this reason, $0.42 is a crucial level that initiates the next leg of the rally. At $1.16, the chart also references the 1.618 Fibonacci extension. Although this goal may seem ambitious, DOGE could enter this zone if technical strength and market dynamics work together.
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Broader market conditions, investor sentiment and DOGE maintaining its position above the $0.42 threshold influences the possibility of reaching such a level. This would likely increase volatility and produce explosive bullish moves if this zone were to be crossed. For the coming week, DOGE could establish a balance between $0.32 and $0.40 as traders consolidate their gains and wait for the next catalyst. However, the likelihood of DOGE testing higher Fib extension levels increases sharply if the bullish momentum continues to accelerate.