Dogecoin (DOGE) Shows Bullish Momentum, Poised for Potential Upside

Amidst current market fluctuations, Dogecoin (DOGE) is exhibiting bullish price action, suggesting significant upward potential. On March 20, 2025, the meme coin experienced a 2% price increase, hinting at a larger rally.

Current Market Conditions

DOGE is currently trading near $0.172. This bullish movement has spurred increased trader interest, resulting in a 45% surge in trading volume.

Technical Analysis and Price Projections

Technical analysis indicates a bullish outlook for DOGE. A four-hour ascending triangle pattern has formed, with a neckline at $0.178. A break above this level, and a four-hour candle close above $0.18, could potentially propel DOGE 15% higher to $0.205 in the near term. Conversely, failure to break this resistance could lead to a decline to $0.165.

Source: Trading View

Trader Sentiment and Positioning

Intraday traders appear bullish on DOGE, with a significant long bias, according to on-chain data from Coinglass. Analysis reveals over-leveraged positions: $16.20 million in long positions at $0.168 and $5.30 million in short positions at $0.175.

Source: Coinglass

This leveraged positioning strongly suggests that bullish sentiment is currently dominant, potentially driving DOGE through its current resistance. This positive DOGE outlook is further supported by a generally bullish cryptocurrency market, with Bitcoin (BTC), Ethereum (ETH), and XRP also showing impressive gains.