Dogecoin price forecast: $0.45 breakout could trigger larger gains

If Dogecoin sustains this bullish leverage imbalance while maintaining key support levels, it could propel prices toward higher resistance targets around $0.45.

Confirming this bullish forecast, the widening Bollinger Band indicators signal rising volumes and volatility, emphasizing the likelihood of a $0.45 retest.

More so, DOGE price is currently trading above its Volume Weighted Average Price (VWAP) at $0.40. If DOGE closes above this key support level amid positive speculative pressure, a breakout toward $0.45 could be on the cards.

Dogecoin price forecast | DOGEUSDT

Dogecoin price forecast | DOGEUSDT However, traders should remain cautious, as excessive leverage can lead to sharp corrections if the market reverses.

In such a scenario, if the bulls fail to hold the $0.40 support, rapid long liquidations could trigger a breakdown toward the 20-day Simple Moving Average (SMA) at $0.31.