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

DOGE rose above $0.31 for the first time since mid-June

Dogecoin price soared last week and is up nearly 40% in the past seven days, with most of the gains recorded over the weekend as prices broke above $0.30 to reach weekly highs of $0.34.

Over the past 24 hours, the original meme coin’s value has jumped 16%, and bulls could eye more gains this week. If the hype surrounding the coin continues to rally support, it could bring DOGE/USD towards the $0.40 mark.

At time of writing, Dogecoin’s price is looking to bounce higher after a period of profit taking early this morning, which saw prices fall to lows of $0.29.

Dogecoin’s market data from CoinGecko shows that daily trading volume has jumped to over $6 billion, with the market cap of $43.6 billion giving the seventh-ranked cryptocurrency a 2.09% market dominance.

Dogecoin price outlook

Dogecoin broke out of an ascending symmetrical pattern over the weekend and rose sharply before paring some of the gains as shown on the 4-hour chart. The upside saw DOGE break above the $0.31 resistance line for the first time since mid-June. 

DOGE/USD 4-hour chart. Source: TradingView

Currently, the 61.8% Fibonacci retracement level of the swing low to $0.16 provides support at $0.34. If bulls maintain the uptrend as suggested by the RSI and MACD indicators, the 78.6% Fib level should provide the next upside target around $0.38.

After this, buyers can target the round figure value at $0.40 and possibly the $0.45 zone.

On the downside, bulls can rely on support at the 20-day exponential moving average and the 50% Fib level, both of which are currently located around $0.30.