Dogecoin (DOGE) Price Shows Signs of a Potential Breakout, Exciting Traders with Optimistic Forecasts

Dogecoin's price is showing signs of a potential breakout, exciting traders with optimistic forecasts. Over the past month, DOGE's MACD indicator flipped positive

Dogecoin price is showing signs of a potential breakout as traders discuss optimistic forecasts for the cryptocurrency.

Over the past month, DOGE’s MACD indicator flipped positive, and the coin has maintained critical support above $0.24. This technical strength has reignited hopes for a substantial upward move beyond $0.30.

Now consolidating above key support levels, Dogecoin attracts bullish predictions suggesting it could surpass the symbolic $1 mark as investors and analysts are watching closely.

The meme coin is gaining momentum due to renewed interest and favorable market conditions tied to Bitcoin’s performance, which traders say could propel Dogecoin to new highs.

Dogecoin Poised For Third Explosive Growth Cycle

One crypto analyst shared a striking comparison of historical Bitcoin and Dogecoin cycles. The analysis reveals that Dogecoin’s massive rallies in 2017 and 2020 followed Bitcoin’s weekly candle closes at record highs, with DOGE increasing by 94x and 190x respectively.

“Cycle 1 (2017): Dogecoin went 94x after Bitcoin broke out. Cycle 2 (2020): Dogecoin went 190x. Now, with Bitcoin still sitting just below its 2025 high…” the analyst explains.

A confirmed weekly close through BTC’s current high might commence Cycle 3 and the potential for Dogecoin’s greatest performances. “Watch the weekly close,” the tweet warns, referencing the explosive chart pattern following prior breakouts. If the past is any indication, the dogecoin might be gearing up to make its biggest jump yet.

Dogecoin Eyes $0.28-$0.30 Resistance Zone

DOGE is showing an uptick in its market performance as Bitcoin edges closer to its all-time high.

Currently, DOGE is trading at approximately $0.25125, marking a 4.5% increase over the past 24 hours. The cryptocurrency boasts a market capitalization of around $37.6 billion, with a 24-hour trading volume of $2.75 billion.

Technical charts indicate DOGE breaking out from a downtrend falling wedge and approaching convergence of the key EMAs (26, 50, 100). This confluence typically precedes a strong buying phase and can indicate DOGE might rise to $0.28-$0.30, a zone that functions as a psychological level of resistance.

But traders should still caution if DOGE cannot hold up over the $0.25 resistance level, and a retreat towards support at $0.21 can be expected. Volume is increasing but hasn’t yet reached levels indicative of strong spec buying enough to signal the current upsurge may persist.