Dogecoin (DOGE) has decisively broken through the crucial $0.20 resistance level, triggering bullish technical formations that suggest significant upside potential. The meme coin surged over 5% in the past 24 hours and 17% over seven days, currently trading around $0.203 after confirming a breakout from a falling wedge pattern that developed since early June. This pattern projects a measured move target near $0.43, aligning with mid-2021 resistance zones.
Technical analysis reveals a double bottom formation with strong support at $0.15, where repeated retests fueled rallies. A daily hammer candlestick near $0.19—signaling bullish reversal—coincided with rising volume, strengthening the breakout case. DOGE also breached a multi-month descending trendline dating to mid-2023, with analysts like CryptoKaleo suggesting a parabolic trajectory toward its all-time high of $0.70-$0.75 if momentum holds.
Key resistance at the 0.618 Fibonacci level and Value Area High ($0.20-$0.205) must sustain closes above the Point of Control (POC) to validate the double bottom’s bullish continuation. On-chain metrics show increasing active addresses and a recurring fractal structure, supporting the technical outlook. Traders monitor volume closely; a dip below POC could trigger short-term pullbacks, but holding above $0.20 maintains structural bullishness toward initial targets at $0.23.