Dogecoin Recovers Above 20 Cents: Where Is DOGE Headed Next?

by Khyathi Dalal Benzinga Staff Writer

Zinger Key Points

Prominent analyst notes DOGE recently bounced off key support at $0.189, aligning with the weekly bull market support band.
Another trader says Dogecoin could be among the few altcoins to surpass its previous all-time high.
This simple system has nailed 1,000+ post-earnings winners. Get in before Q3 trades take off →

Dogecoin DOGE/USD is back above the 20 cents market, sparking renewed optimism among traders.

What Happened: In an update in his exclusive Patreon group, prominent analyst Kevin pointed out that DOGE rebounded from $0.189, a confluence of the 0.5 Fibonacci level and the weekly bull market support band.

He says that to confirm a short-term recovery, DOGE needs to reclaim the $0.22 level, which would place it above both the 4-hour and daily 200 SMA/EMA. Momentum indicators are turning bullish, suggesting a potential higher low forming on the higher time frames.

However, Kevin also cautions that Dogecoin's fate is tied to Bitcoin BTC/USD holding current levels and breaking above the $120,000–$123,000 zone to invalidate the ongoing weekly bearish divergence.

Trader Cantonese Cat said he has increased his DOGE holdings, citing a favorable risk-reward setup. He expects a bull market support band backtest along with a breakout and retest of a long-term bear market trendline, reinforcing his bullish stance.

Also Read: Dogecoin Drops 15% In 1 Week: Why Do Whales Keep Buying The Dip?

What's Next: XForceGlobal remains optimistic, noting that DOGE is one of the few altcoins with a realistic shot at surpassing its previous all-time high in this cycle. He's focusing only on assets with strong return potential, and DOGE remains high on his list.