Dogecoin Could Enter a Rise Zone If It Exceeds the Level of $0.21

Dogecoin, the leading memecoin in the cryptocurrency market, is showing signs of a potential bullish trend after the price recovered significantly by 16%. Analysts say that for Dogecoin to consolidate this rally, it must overcome a key resistance level. Dogecoin Heading Towards a New Bullish Trend in the Context of the Crypto Market Recovery The recent price fluctuations of Dogecoin are influenced by the overall market trend and macroeconomic factors, particularly the consequences of President Donald Trump's trade policy. After reaching a yearly high of $0.4350 on January 18, Dogecoin experienced a sharp decline, falling 67% to a low of $0.1430 on March 11. However, the recent positive performance suggests that a new bullish wave may be emerging. In a recent post on social media X (formerly Twitter), market analyst Ali Martinez pointed out the SuperTrend indicator, a technical analysis tool that helps identify price trends, suggesting that Dogecoin could enter a bullish phase if it successfully breaks through the resistance level of $0.21.

Analysts continue to identify the key support level for Dogecoin price at $0.177, which will be an important threshold in determining whether this token can maintain its recovery momentum or will face the next downward trend. If Dogecoin fails to hold this support, it could return to the $0.14 price level once again, where significant buying pressure previously helped support the price. This scenario could erase the gains made in the past two weeks. Aim for $0.50 and a possible all-time high of $1.60 To further bolster Martinez's analysis, data from Glassnode shows that 7% of Dogecoin's total supply is concentrated at $0.20, which is the third largest concentration after $0.17 and $0.07 According to Glassnode, this level of concentration suggests that the $0.20 level could serve as a strong resistance level in the near future, as many wallets likely purchased their holdings at lower price levels. In a more positive note for this token and despite the current volatility surrounding the price of Dogecoin, analysts remain optimistic about the long-term prospects of memecoin. According to experts like AMCrypto, Dogecoin has recently tested a multi-year support trendline, indicating the potential for sustainable bullish momentum. "Memes are gradually gaining value, and I expect DOGE to lead the bullish trend," an analyst stated, setting a target of $0.50 in Q2 of the year. Other analysts, including ChartingGuy, believe that Dogecoin could aim for a new all-time high of $1.60, representing an incredible potential increase of 742% from the current level and surpassing the previous record of $0.7316.