Dogecoin (DOGE) has drawn significant attention as technical analysts predict a potential major breakout. Currently trading around $0.18, DOGE has posted a 7.2% gain for the week. Technical analyst Maelius highlights a nested Elliott Wave pattern, suggesting that DOGE could surge towards the $1 mark in its upcoming third Elliott Wave cycle, with a possible extension towards $1.30–$1.70 in further advances. The coin has maintained key support above its 200-week EMA, with the latest bullish cross on the WaveTrend Oscillator supporting positive sentiment.
Macroeconomic factors, such as the US Federal Reserve’s decision to keep interest rates steady, have provided additional optimism, fueling recent gains in crypto assets like DOGE. The market sentiment is further buoyed by the hope of easing US-China trade tensions and projected trade agreements with several US trading partners. DOGE is currently supported by a confluence of technical factors, including a long-term demand zone, rising trend lines, and moving average support.
While immediate technicals remain bullish, on lower timeframes DOGE has reached local resistance around $0.1856 with low trading volumes. In the midterm, the price could continue sideways inside a wide channel unless a breakout above $0.1929 materializes. The overall outlook, however, points to increased momentum and the potential for a sizable rally should broader market conditions and technical expectations align.