Dogecoin could rally another 218% from its current price, according to an analyst who highlights bullish developments on the weekly timeframe.
Dogecoin has shown strong upward momentum lately, and bullish expectations are emerging. The meme coin leader rallied an impressive 38% last week, posting its fourth consecutive weekly gain, during which it has grown 77%.
Dogecoin Breaks Above Major Resistance Trendline
Top analyst “MangoMan4” identified in a recent TradingView analysis that Dogecoin is forming a bullish structure on the weekly timeframe. This comes after DOGE broke out from a multi-month descending resistance trendline originating from a higher price rejection in February.
Meanwhile, an attempt to break free in May failed, with the supply wall proving too strong. This was evident in the three consecutive weeks of Dogecoin price surges to the resistance, all of which were followed by a massive price rejection.
Finally, DOGE broke out of the trendline and further defied another crucial resistance between $0.20 and $0.22. Following the breakout, the analyst predicts the formation of higher highs and higher lows, catalyzed by the momentum from months of price suppression.
Key Levels for Sustained Dogecoin Rally
While Dogecoin has retreated slightly this week, the analyst still expects a foray to higher prices. He shared midterm and long-term targets for Dogecoin, as well as a crucial support level that DOGE must hold to sustain the uptrend.
For context, he identified the prices between $0.48 and $0.52 as the next resistance zone that Dogecoin would target. Interestingly, the lower target was last seen in December 2024’s peak, and the upper target in May 2021.
For his long-term price expectations, he projected a 180% and 218% upsurge to between $0.75 and $0.85. This suggests a retest of Dogecoin’s current all-time high of $0.748 and a rally to a new all-time high.
Nonetheless, this parabolic expansion depends on Dogecoin’s price action around the $0.20 support. The market watcher noted that if the horizontal support holds and Bitcoin remains stable, DOGE will see a strong bullish continuation.
Meanwhile, for some analysts, the $0.85 price is just the start. Trader Tardigrade predicted a price jump to $1.46 and $4, while CryptoELITES insists that $5 is the target that market enthusiasts should expect from Dogecoin.
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