Dogecoin Price Analysis

Over the past four days, the Dogecoin price is up more than 17%, nearing bullish territory according to renowned chart technicians Rekt Capital (@rektcapital) and Henry (@LordOfAlts). They point to a significant technical setup on the Dogecoin (DOGE) price chart, which could lead to a sizable breakout.

Crucial Price Levels for Dogecoin

Today, Rekt Capital shared a weekly DOGE/USDT chart, highlighting key price levels: $0.159, $0.204, and most critically, $0.22. The analyst states that Dogecoin’s future trajectory hinges on reclaiming or closing above $0.22—considered a green zone of pre-halving highs.

The recent dip below $0.22 may indicate a temporary downside deviation, implying any movements below this threshold might stabilize above it soon. The candlesticks around $0.20 and $0.22 show notable volatility, suggesting a retest of the March highs.

From a technical standpoint, the $0.22 level acts as a pivot. A weekly candle close above this area could indicate buyers regaining control, possibly leading to movements toward higher resistance levels, such as $0.28 and $0.338 as identified on Rekt Capital’s chart.

Confirmed DOGE Breakout?

Analyst Henry (@LordOfAlts) mentions a multi-month falling wedge formation that extends from late 2024 through Q1 2025. He compares this pattern to a previous descending wedge in 2024 that led to a significant price surge.

Henry’s chart shows that DOGE has been consolidating between downward-sloping trendlines. The upper trendline connects lower highs since the peak above $0.48, while the lower boundary captures descending lows.

He draws a parallel to a previous wedge that resulted in a 365% surge starting October 2024. Recently, Dogecoin has broken out of the falling wedge pattern again, potentially indicating another significant rise.

While Henry does not specify price targets, he mentions previous patterns suggesting $0.50, then $1.00 might be on the table, concluding with a reminder to “Trust the cycle.”

At press time, DOGE traded at $0.19583.

Featured image created with DALL.E, chart from TradingView.com