Dogecoin has jolted the meme coin market with an impressive 8% surge, reigniting bullish sentiment and prompting analysts to set fresh price targets for the popular cryptocurrency.

The rally comes after weeks of sideways trading and a brief pullback that tested investor patience. Now, with market momentum shifting and technical indicators flashing strength, traders are eyeing key resistance levels that could pave the way for significant gains in the coming weeks.

Dogecoin has once again demonstrated its resilience in the volatile cryptocurrency market, rebounding sharply after a recent pullback. Following a brief dip to retest its diagonal resistance, broken earlier in the month, DOGE has held firm above its ascending support line—a level that has consistently provided stability.

At the time of writing, Dogecoin price trades near $0.21 on the weekly chart. This steady position follows a surge that rattled the meme coin sector, delivering an 8% gain in just a matter of days. Analysts now have three immediate price targets on their radar: $0.24, $0.30, and an ambitious $0.38.

Such price action has given technical traders reason for optimism. Despite broader market uncertainty, DOGE’s ability to sustain gains above critical support underscores the strength of current bullish sentiment.

Dogecoin Holds Strong Above Support as Analysts Eye $0.38 Target

Dogecoin has once again demonstrated its resilience in the volatile cryptocurrency market, rebounding sharply after a recent pullback. Following a brief dip to retest its diagonal resistance, broken earlier in the month, DOGE has held firm above its ascending support line—a level that has consistently provided stability.

Dogecoin shows bullish signals with RSI nearing 50, positive divergence, and potential boost from a Fed rate cut. Source: MarketMaestro via X

At the time of writing, Dogecoin price trades near $0.2137 on the weekly chart. This steady position follows a surge that rattled the meme coin sector, delivering an 8% gain in just a matter of days. Analysts now have three immediate price targets on their radar: $0.24, $0.30, and an ambitious $0.38.

Such price action has given technical traders reason for optimism. Despite broader market uncertainty, DOGE’s ability to sustain gains above critical support underscores the strength of current bullish sentiment.

Technical Indicators Point to Potential DOGE Breakout

Momentum indicators are beginning to align in Dogecoin’s favor. The Relative Strength Index (RSI) is inching toward the crucial 50 mark, often considered a turning point for bullish momentum. More notably, a positive divergence has formed—an early signal that larger market players, or so-called Dogecoin whales, may be quietly accumulating.

Dogecoin is replicating a bullish pattern from last year, suggesting potential for a sustained upward move. Source: danielleandronu on TradingView

Analysts note that macroeconomic developments could amplify this trend. If the U.S. Federal Reserve moves toward interest rate cuts, risk-on assets such as cryptocurrencies could see renewed inflows. Historically, meme coins like DOGE have thrived during these periods of heightened speculative interest.

A decisive breakout above $0.30, supported by strong trading volume, would significantly increase the likelihood of a rapid move toward the $0.38 target.

Is the $1 Dream Still Alive?

The long-standing question—will Dogecoin reach $1—remains at the center of community discussions. With support from high-profile figures like Elon Musk and a dedicated global user base, DOGE has survived multiple market cycles since its 2013 launch.

The path to $1, however, is steep. At current supply levels, the Dogecoin market cap would need to expand by more than $100 billion to reach that milestone. This would require extraordinary mainstream adoption or integration into large-scale payment systems. Musk has hinted at possible crypto payments within X, which could boost utility and visibility.

Short-Term Cooling Before the Next Move

After a 25% monthly rally, Dogecoin now ranks among the top 10 cryptocurrencies with a market capitalization exceeding $32 billion. Daily trading volume has jumped to $1.71 billion, up 26% in 24 hours—evidence of rising market activity.

Dogecoin was trading at around $0.22, up 8.81% in the last 24 hours at press time. Source: Brave New Coin

However, short-term forecasts suggest a possible cooldown. Algorithmic models predict a mild decline to $0.2061 by August 8 and $0.1997 by August 11. This potential pullback could offer opportunities for swing traders before the next leg upward.

Historical Patterns Support Bullish Outlook

Well-known crypto analyst Ali Martinez has identified Dogecoin’s current price within a historically significant “buy zone.” According to his TradingView data, similar positions in 2017, 2021, and early 2023 preceded major rallies.

Dogecoin ($DOGE) is currently in a historically proven buy zone that has often preceded significant bull runs in previous market cycles. Source: Ali Martinez via X

DOGE’s price remains above the psychological $0.20 level, which traders view as a key floor. If this support holds and macro sentiment stays stable, analysts see potential for a run toward $0.25, followed by $0.30—and possibly $0.38—over the coming weeks.

Final Thoughts: Consolidation Before Acceleration

The short-term picture for Dogecoin may include brief retracements, but the broader Dogecoin price prediction remains positive. Rising volume, technical strength, and historical price behavior point toward further gains.

With market sentiment improving and the possibility of larger adoption catalysts ahead, Dogecoin could be preparing for its next breakout phase. Whether that journey ultimately leads to the coveted $1 mark will depend on utility, market conditions, and the community’s ability to keep the meme coin relevant in an increasingly competitive crypto landscape.