Dogecoin (DOGE) has completed a significant weekly close above its pre-halving highs, signaling a strong bullish momentum as the meme coin looks primed for further upside potential. Crypto analyst Rekt Capital highlighted that DOGE is on the verge of turning old resistance levels into new support, a key factor that could propel the price to around $0.20 and potentially higher to $0.27 if this support holds.
Several analysts, including Ali Martinez and Master Kenobi, have weighed in on the price action. While Martinez cautions about a possible correction due to DOGE approaching critical resistance, Master Kenobi remains optimistic, predicting a massive pump within days and even a price target of $1 by June, referencing the historic 2017 bull run as a comparable event.
Further technical insights from crypto analyst Trader Tardigrade suggest a continuation of bullish patterns, including a bull pennant and an inverse head and shoulders formation on shorter timeframes, pointing to a potential rally up to $0.37 after breaking current resistance levels.
Despite trading near $0.22 with some recent short-term price declines, on-chain and market data show increasing whale activity and strong long positions held by traders. On Binance, 75% of DOGE traders are long, and whale transactions have surged over 41%, indicating growing institutional and retail interest. Daily active addresses have also increased notably, supporting the bullish narrative.
However, DOGE has been consolidating around the $0.25 resistance mark for the past few days, a level that previously triggered selling pressure. A decisive daily close above $0.255 could lead to a 20% upside rally towards $0.30, while failure to maintain support below $0.22 might result in a short-term correction.