Dogecoin hits $0.1825 with rising long positions. Can bullish momentum push DOGE past $0.2131 and toward $0.25?

As Bitcoin sustains above the $93,000 mark, meme coins are on a bullish run. Over the past 24 hours, the market capitalization of the meme coin segment has surged by 8.60%, reaching $56.47 billion.

Amid the bullish recovery, the biggest meme coin, Dogecoin, with a market cap of $27.20 billion, has increased by 6.30% over the past 24 hours. Currently, DOGE trades at a market price of $0.1825, teasing a potential breakout of the $0.20 level. 

Will this breakout rally drive Dogecoin for a 2x rally? Let’s find out.

Dogecoin Price Analysis

In the daily chart, the Dogecoin price action showcases a bullish breakout from a falling wedge pattern. The breakout occurred with a 12% surge on April 22, creating a bullish engulfing candle.

The breakout rally has surpassed the 50-EMA line and the 23.60% Fibonacci level at $0.1820. With a new streak of bullish candles, the meme coin is projecting a trend reversal.

Currently, the intraday 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 on the verge of entering positive territory.

Furthermore, the newly formed positive histograms reflect increased bullish momentum. As the meme coin surpassed the 50-day EMA, the next dynamic resistance stands 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.

Long Positions Build Up Anticipate Extended DOGE Price Recovery

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

The long-to-short ratio chart reveals that 63.66% of positions are long, 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.

Analyst Signals 600% Dogecoin Rally Incoming

As the short-term price analysis reflects significant upside potential for Dogecoin, Trader Tardigrade, a crypto analyst, targets 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.