DOGE Eyes a 3-Month Price High

Dogecoin (DOGE) has broken a key technical pattern and is now targeting a 29% rally toward $0.31, analysts confirm.

Dogecoin (DOGE) has broken out of a key technical pattern and is now targeting a 29% rally toward $0.31, according to blockchain and cryptocurrency analyst Ali.

Breaking Down the Breakout

Observing the four-hour chart, we can see that Dogecoin broke out of a bullish pennant pattern, which formed over the past three months. The pennant, highlighted above, showed consistently lower highs and lower lows since May 11, displaying a narrowing price range.

This pattern usually signals a continuation of the prior trend, in this case, the bullish run that began after April’s lows. The breakout occurred when Dogecoin moved past the pennant’s upper trendline, indicating stronger momentum and suggesting that the bullish trend will continue.

As the breakout occurred, it also completed the pennant structure, suggesting a rally toward the 1.414 Fibonacci level from the May lows. This Fib level is placed at around $0.31, which represents a 29% increase from current prices.

However, Dogecoin is still encountering resistance between $0.25 and $0.26, a zone that previously limited bullish continuation. Breaking this supply zone could unlock stronger upward moves and support a new rally.

Other analysts are also focusing on whether Dogecoin can maintain momentum and clear this crucial resistance.

Dogecoin Is Still in a Bullish Trend

Other market commentators have also confirmed the bullish setup on Dogecoin’s charts, especially on the larger timeframes.

In a recent analysis, we can see that Dogecoin has been forming higher highs and higher lows since April, when the cryptocurrency bottomed out at $0.13. This structure supports the view that there will be continued upward movement and stronger market confidence.

Chad, a market watcher, projected the next Dogecoin target at the 0.618 Fibonacci level, which is placed at around $0.26. He also noted a longer-term target at $0.41, based on Fibonacci retracement zones. Further projections suggest Dogecoin may rise to $0.74, which marks a 207% gain from its current level.

Dogecoin has been heating up again, with whale activity also stepping up, contributing to the recent bullish mood around Dogecoin and its sustained price increase.

Large-scale wallet movements and concentrated buying suggest long-term confidence in the token’s performance. This behavior often signals strong conviction and provides a support layer during price rallies.

Recent activity aligns with a broader market trend, as Bitcoin’s upward movement has a positive influence on altcoins like Dogecoin. With Bitcoin reaching new price peaks, it also brings more attention and liquidity to the cryptocurrency market.

This correlation strengthens the possibility of DOGE achieving higher price targets as Bitcoin continues to climb.output: Dogecoin (DOGE) broke out of a bullish pennant pattern on Monday, which could now set the stage for a 29% rally toward $0.31, according to technical analysis.

Market experts observed the bullish pennant breakout, which signaled continuation in its recent upward trajectory. The breakout occurred after a period of consistently lower highs and lower lows, suggesting a gradual build-up of buying pressure.

As the breakout unfolded, it also completed the pennant structure, indicating the potential for a strong rally toward the 1.414 Fibonacci level from May 11. This Fib level is placed at around $31, targeting a 29% increase from current prices.

However, Dogecoin is still encountering a zone of resistance between $0.25 and $0.26, a zone that previously limited bullish continuation. Breaking this supply zone could unlock stronger upward moves and support a new rally.

Analysts are focusing on whether Dogecoin can maintain momentum and clear this crucial resistance.