Dogecoin (DOGE) is holding above a key support level of $0.19, keeping bullish momentum intact after recent market volatility. Analysts say the coin could rise toward $0.33 if it maintains this level.
Analyst Ali noted that the $0.19 price point is crucial for Dogecoin’s short-term outlook. The cryptocurrency has been trading within an ascending parallel channel on the 12-hour chart for several months. A recent drop tested the lower boundary, but buyers stepped in, pushing prices higher.
The chart continues to show higher highs and higher lows, suggesting that the overall trend remains positive. A close below $0.19, however, could weaken this pattern and lead to further declines toward $0.18 or $0.16.
If Dogecoin stays above the support, analysts expect price targets between $0.25 and $0.27, with $0.33 marking the upper end of the current trend channel.
Technical projections indicate a gradual recovery path, moving through $0.24 and $0.27 before approaching $0.33. The $0.20 range remains a key psychological level where trading activity increases.
Market observers say the recent correction helped remove excess leverage, allowing for a healthier trend. When Bitcoin trades sideways, traders often shift funds into altcoins like Dogecoin, which can magnify price movements.
Dogecoin remains one of the most recognized cryptocurrencies, and its strong community continues to support price stability during market fluctuations.
