Dogecoin (DOGE) shows strong bullish indicators as technical analysts identify patterns reminiscent of historic rallies. Currently trading at $0.2062 after a 2.74% 24-hour gain, DOGE's trading volume surged 107.09% to $2.53 billion, signaling heightened market activity. The weekly chart reveals a critical resistance level at $0.21329, with a breakout potentially targeting $0.34177 and $0.48642.
A developing double bottom pattern suggests a move toward $0.33 if DOGE breaches the $0.24 neckline resistance, representing a 78.84% upside. Analysts highlight similarities to October 2024's setup that preceded a parabolic rally, noting three consecutive green weekly candles and a full-bodied breakout candle. Fibonacci extensions indicate even more ambitious targets of $1.168 – a 591% gain from current levels.
Concurrently, DOGE has gained 19.7% over two weeks, outperforming Bitcoin's 8.75% rise. The coin broke key resistances at $0.173 and $0.196, with $0.25 as the next hurdle. Analyst CryptoKaleo observes parallels to December 2020's pre-rally structure, which saw DOGE surge 36,000% to its $0.70 all-time high. While a repeat of such extreme gains is unlikely due to DOGE's unlimited supply, sustained momentum could propel it toward $1-$2.4 ranges.