Dogecoin (DOGE) has shown strong upward momentum following major technical breakouts and sustained support from its long-term ascending trendline. Since October 2024, DOGE has traded above a crucial trendline, acting as a foundation during numerous market corrections. Recent price action sees DOGE consolidating near the $0.16–$0.18 range, aligning closely with the 0.5 Fibonacci retracement at $0.16537. Analysts believe this support region remains vital to maintaining the bullish trend, with a short-term pullback to $0.14 potentially setting up a rebound if the trendline holds.
Technical indicators and market sentiment lean bullish. DOGE recently bounced off a significant support level, with upcoming resistance targets identified at $0.21317 (0.618 Fibonacci level) and $0.30602 (0.786 Fibonacci level). A breakout above $0.213 is expected to clear the path toward a $0.30 price test. On-chain activity also underpins optimism: Dogecoin recorded a 13.69% price jump in the past day, trading volumes surged to $1.77 billion, and open interest reached $1.91 billion, all pointing toward increasing trader activity. Additionally, a notable transfer of 807 million DOGE ($149.76 million) between unknown wallets has spurred speculation amongst analysts, though its purpose remains unclear.
Technical patterns and cyclical indicators reinforce bullish forecasts. A diamond bottom breakout was observed on the daily chart, typically signifying significant upward trend reversals, while recurring RSI cycles suggest a potential rally toward $0.29. Another technical analysis indicates DOGE recently broke above a key resistance at $0.1935, within an ongoing impulse wave likely to extend towards the $0.24 resistance (a former monthly high) before possibly targeting higher levels. Across the board, the reinforced sentiment and confluence of technical signals strongly suggest sustained bullish momentum for Dogecoin.