Dogecoin’s recent rally has solidified its position as a key player on the crypto market, earning it the handle of the King of Crypto. DOGE achieved a higher high on the weekly chart after breaking through a crucial high-time frame (HTF) resistance level of $0.32 — a potent technical indication of ongoing bullish momentum. An important HTF resistance that DOGE has successfully overcome is $0.32, as shown on the chart and highlighted by Skew analytics.

This breakout is crucial because it indicates a structural change in the asset's trend, opening the door for short-term price stabilization between $0.32 and $0.40. These days, the $0.40 mark is a crucial target for bulls. The likelihood of additional upward movement increases if this level holds. Furthermore, a pivot point is the 0.5 Fibonacci retracement level at $0.398.

DOGE/USDT Chart by TradingView

A firm close above this level could act as a launchpad for DOGE, increasing its price velocity. Because of this, $0.42 is a crucial level that initiates the rally's subsequent leg. At $1.16, the chart also makes reference to the 1.618 Fibonacci extension. Even though this goal might seem lofty, DOGE could enter this zone if technical strength and market momentum work together.

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More general market conditions, investor sentiment and DOGE holding its position above the $0.42 threshold all influence the possibility of reaching such a level. It would probably increase volatility and produce explosive upward moves if this area were to be crossed. For the week ahead, DOGE may establish a balance between $0.32 and $0.40 as traders consolidate gains and await the next catalyst. The likelihood that DOGE will test higher Fib extension levels, however, rises sharply if bullish momentum keeps picking up speed.

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