Critical support at $0.18 opens the way to targets of $0.25 and $0.33 as the market activity increases and DeFi continues to grow.
DOGE has a critical support level of $0.18, which traders consider critical to its further movement. Based on the market analysis, it is important to hold this zone to enable DOGE to continue along a bullish trend and target $0.25 and $0.33.
The price movement of the cryptocurrency has been consolidating in a distinctly definite upward channel up to 2022.
Recently, the price has bounced back to the support of $0.18 with a new high of above 0.20, which is a favorable indication of fresh buying strength and momentum.
Why $0.18 Matters: The Bullish Pivot
Dogecoin has an upper parallel channel of its long-term upward trend that has the lowest point of $0.18. This trendline is a strong floor upon which the buyer will always reenter to avoid further falls.
Source – X
At this support, the historical price tests have led to a series of upward waves, which indicates that it is a technical pivot.
Analysts point to the necessity to defend this stage in order to open additional profits to resistances at $0.25 and $0.33.
The current frenzied trading activity, characterized by recent spikes in volume with more than 800 million DOGE tokens changing hands during significant activity rises, indicates renewed momentum above this support.
Moreover, the total value locked (TVL) in decentralized finance services in Dogecoin increased by more than 5% within 24 hours, which is an indicator of increased network involvement and use.
Such an increase in TVL favors the bullish structure and forms the foundation of the technical structure.
Targets Ahead: Eyes on $0.25 and $0.33
Provided that Dogecoin is able to push above the midline resistance at approximately 0.23 points, it will probably launch a surge to 0.25, which is a 25 percent increase on the existing prices.
In addition to that, the maximum point of the rising channel is almost at the point of $0.33, which would also act as a key breakout point.
This would be a 67 percent increase over recent prices, which would increase the intensity of the bullish sentiment and investor interest.
Market statistics indicate that institutional and middle-level accumulation is consistent, in favor of the price floor.
The tightening price range and upward whale bids present a good opportunity to achieve a gradual increase.
The market capitalization of DOGE in the market is approximately 30.77 billion, and this is very capitalized as well as liquid, as indicated in the technical outlook.
The future of Dogecoin is pegged on further defense of the support at 0.18. Otherwise, it might bring the momentum to a halt or cause corrective declines.
Nevertheless, continuous stability beyond this point brings in the prospects of progressive price gains towards the future resistance, with good outlooks on bulls targeting $0.25 and $0.33 as psychological and technical targets.
