Dogecoin (DOGE) is showing signs of a potential breakout after forming a bullish rising wedge pattern on the weekly chart.
In a post on X, crypto analyst Stonk Chris is bullish on Doge’s current set-up, expecting the token to cross the $1 mark according to the current technical patterns.
For context, Dogecoin is currently trading at $0.2222, a 3.7% rise in the past day. This uptick has pushed DOGE up 7.4% and 27.8% in the past week and month.
Dogecoin Prints Higher Highs and Higher Lows
A chart from the analyst shows Dogecoin moving within an ascending wedge. This structure is marked by higher highs and higher lows, which began forming after the token bottomed out near $0.055 in late 2023. Since then, DOGE has maintained an upward trajectory, rebounding off its support line and approaching a critical resistance zone.
Two rising trendlines frame the wedge. The lower trendline connects key higher lows around $0.057, $0.085, and $0.14, while the higher highs were around $0.22 and $0.45 in March and December 2024. This chart pattern often signals a buildup in price momentum and can precede strong directional moves once the price breaks out.
Breakout Level Sits at Ichimoku Cloud Resistance
Moreover, the current DOGE price is hovering just below the Ichimoku Cloud resistance, which spans from approximately $0.27 to $0.30. This zone has historically acted as a barrier to further gains.
A clean break above the cloud could confirm a bullish reversal and trigger a rally. The projected path in the chart shows DOGE surging to the wedge’s upper bound, potentially reaching $1.10. This would represent a price increase of over 400% from current levels.
Dogecoin Price Targets and Support Levels to Watch
If Dogecoin breaks above $0.30, the next upside targets are $0.45 and potentially $1.10, based on the wedge’s upper boundary. However, failure to break resistance could lead to a pullback.
Meanwhile, key support levels lie near $0.18 and $0.13, where Dogecoin previously found buying interest. Below that, the $0.055 low serves as a longer-term floor.
Other Analysts Predict Next Dogecoin Move
Moreover, prominent analyst Trader Tardigrade noted that Dogecoin has just completed its third point touch at the bottom of its long-term ascending channel on the monthly timeframe, a pattern historically followed by explosive rallies.
The chart shows DOGE repeating a 1-2-3 accumulation phase similar to the 2015–2017 cycle, which led to a Dogecoin rally above $0.018 in 2017, before the 2021 all-time high of $0.74. This latest third touch suggests the end of the current consolidation period, signaling a potential start of a major bullish move.
If the pattern repeats, DOGE could first target the upper boundary of the channel, which projects a short-term rally to $0.45 and $0.75. Meanwhile, a breakout from here could see Dogecoin testing the $5–$15 range, consistent with past cycles. Notably, TraderTardigrade had earlier predicted a 235% rally to $0.6900 due to the larger consolidation base.
Meanwhile, crypto analyst Dogegod noted that Dogecoin may be set for a major reversal, highlighting a key bounce from $0.188 support on July 15. With momentum pushing DOGE to $0.288, near the top of an ascending channel, Dogegod predicts a 135.7% rise to $0.4854 and a potential breakout past the all-time high of $0.7376.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
