Dogecoin price analysis: DOGE bulls target $0.40 as crypto soars

DOGE roseate supra $0.31 for the archetypal clip since mid-June

Dogecoin terms soared past week and is up astir 40% successful the past 7 days, with astir of the gains recorded implicit the play arsenic prices broke supra $0.30 to scope play highs of $0.34.

Over the past 24 hours, the archetypal meme coin's worth has jumped 16%, and bulls could oculus much gains this week. If the hype surrounding the coin continues to rally support, it could bring DOGE/USD towards the $0.40 mark.

At clip of writing, Dogecoin's terms is looking to bounce higher aft a play of nett taking aboriginal this morning, which saw prices autumn to lows of $0.29.

Dogecoin's marketplace information from CoinGecko shows that regular trading measurement has jumped to implicit $6 billion, with the marketplace headdress of $43.6 cardinal giving the seventh-ranked cryptocurrency a 2.09% marketplace dominance.

Dogecoin terms outlook

Dogecoin broke retired of an ascending symmetrical signifier implicit the play and roseate sharply earlier paring immoderate of the gains arsenic shown connected the 4-hour chart. The upside saw DOGE interruption supra the $0.31 absorption enactment for the archetypal clip since mid-June. 

DOGE/USD 4-hour chart. Source: TradingView

Currently, the 61.8% Fibonacci retracement level of the plaything debased to $0.16 provides enactment astatine $0.34. If bulls support the uptrend arsenic suggested by the RSI and MACD indicators, the 78.6% Fib level should supply the adjacent upside people astir $0.38.

After this, buyers tin people the circular fig worth astatine $0.40 and perchance the $0.45 zone.

On the downside, bulls tin trust connected enactment astatine the 20-day exponential moving mean and the 50% Fib level, some of which are presently located astir $0.30.