Dogecoin (DOGE), the popular meme cryptocurrency, has been on a remarkable upward trajectory. The price has rallied towards the critical $0.20 resistance level, reigniting hopes among DOGE enthusiasts for further gains. However, the question remains: can the bulls maintain their momentum and propel Dogecoin towards the $0.25 mark?

Over the past few trading sessions, Dogecoin's price has exhibited significant strength, surpassing key resistance levels such as $0.10, $0.15, and even hitting the $0.20 mark.DOGE cleared numerous hurdles near $0.1250, entering a positive zone and is currently trading at $0.1824. The price surge of over 10% in the last 24 hours pushed DOGE close to the $0.20 resistance, forming a new multi-week high near $0.2054.

Dogecoin'sTechnical Indicators Signal Strength

Dogecoin price analysis shows DOGE price is well above the 23.6% Fib retracement level of the recent rally from the $0.1250 swing low to the $0.1992 high. Additionally, DOGE is trading above the $0.180 level and the 100 simple moving average (4 hours). A connecting bullish trend line is forming with support at $0.1620 on the 4-hour chart, reinforcing the upward trajectory.

On the upside, the immediate resistance level for Dogecoin price is near $0.1980. However, a decisive close above the $0.20 resistance could potentially send the price towards the $0.2250 resistance zone. Furthermore, any additional gains might propel DOGE towards the $0.2320 level, with the next major resistance expected around $0.250.

While the bullish sentiment surrounding Dogecoin is evident, investors should remain cautious. If DOGE's price fails to gain traction above the $0.20 level, a downside correction could be triggered. 

The initial support on the downside is near the $0.182 level, with the next major support located near the $0.1620 level or the trend line. A downside break below the $0.1620 support could potentially lead to a decline towards the $0.1350 level.

Technical indicators such as the MACD (Moving Average Convergence Divergence) and the Relative Strength Index (RSI) are currently in the bullish zone, suggesting that the upward momentum is gaining strength. However, the RSI is approaching overbought territory, indicating a potential correction or consolidation phase.

The green Awesome Oscillator (AO) histograms highlight the buying action in the market as the histograms have consistently remained above the zero line.

Despite its origins as a meme-inspired cryptocurrency, Dogecoin (DOGE) has rapidly evolved into a significant digital asset within the cryptocurrency market. Its recent surge in value has propelled DOGE into the spotlight, surpassing Cardano (ADA) to become the eighth-largest cryptocurrency by market capitalization. 

With Dogecoin boasting a market cap of approximately $28 billion, surpassing Cardano's $27.3 billion, this development has garnered attention from industry observers worldwide. Notably, Charles Hoskinson, the founder of Cardano, humorously acknowledged this shift, dubbing it the commencement of what many are terming an "alt-season."