Dogecoin’s price action is undergoing a rebound after reaching $0.222 in the last 24 hours. Looking at a broader timeframe reveals that the price structure on the weekly chart suggests an explosive breakout is imminent. Technical analysis indicates that the meme coin, known for its ability to deliver remarkable rallies, is now positioned on a powder keg that could propel it to new all-time highs. In particular, projections suggest that if the current trend persists, Dogecoin might soar to $1.30.
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Pattern Repetition Suggests $1.3 Target
The first notable chart observation highlights the repetitive nature of Dogecoin rallies, which unfold in successive waves of expansion. This analysis, shared on the social media platform X by
Kamran Asghar, illustrates how Dogecoin has adhered to a repeating structure in the weekly candlestick timeframe chart.
In late 2023, the Dogecoin price broke out of a consolidation phase with a 300% surge, followed by another wave in 2024 that generated a 500% rally from trendline support to resistance. Each cycle commenced with a bounce from the ascending white trendline depicted in the weekly chart below, which has reliably supported Dogecoin’s long-term uptrend.
Currently, the pattern is preparing for what could be an 800% rally, highlighted in the green projection box on the chart below. If executed, this move would push the Dogecoin price beyond its existing all-time high of $0.7316 and eventually breach the $1 price level. Specifically, the projection anticipates Dogecoin rallying more than 800% to achieve a target around $1.30.
Chart Image From X: Kamran Asghar
Dogecoin Bullish Channel Remains Unbroken Since 2021
A different technical analysis examines a wider perspective of Dogecoin’s performance over the past four years. The price action on the weekly chart is traced within a colored channel system, originating from the 2021 breakout, as illustrated in the chart below. The lower orange line has consistently provided support, while the green midline acts as a pivot point. Finally, the upper blue line serves as resistance.
At the moment, Dogecoin is trading around $0.23, positioned just between the green midline and the orange support, suggesting that the bullish structure is still in play. According to analyst KrissPax, who shared the technical analysis on the social media platform X, Dogecoin is still set to continue moving towards the upper band of the channel, indicated in blue. Achieving this upper band would place the meme coin in the $0.70 to $1.00 range, retesting its all-time high from 2021. However, the initial step is to break above the green midline, currently around $0.4.
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Currently, Dogecoin is trading at $0.23, reflecting a 1.1% increase in the past 24 hours. Investors are anticipating the SEC’s approval for a Spot Dogecoin ETF.
Featured image from Pixabay, chart from TradingView
