- Dogecoin trades above trendline, signaling a potential major bullish breakout.
- Weekly close could confirm DOGE’s strongest move since October.
- Ali charts breakout resemblance to 2023 rally, eyes $0.50 target.
Dogecoin is showing renewed strength as it trades above a key trendline that has acted as resistance since December. Currently priced near $0.196, the token has moved past a declining structure that capped its price for over seven months.
The breakout on the weekly chart has not yet been confirmed, but early signs are gaining attention. A close above the trendline by Sunday would validate the move and indicate a shift in momentum.
Volume is increasing, and the breakout candle remains strong, adding to growing speculation around a potential rally.
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According to Ali Martinez (@ali_charts), “This looks like a major bullish breakout for Dogecoin $DOGE!”. At that time, DOGE moved through a similar resistance structure and rallied over 600 percent shortly after. The current pattern shows clear rejection points, followed by a decisive candle punching through resistance.
If the weekly close confirms this move, analysts believe Dogecoin could clearly move toward the $0.50 to $0.60 range. The current trading zone offers little historical resistance, and the coin’s past performance shows that upward moves can be swift once a breakout is established.
Source: Ali-Chart
DOGE Strength May Signal Renewed Optimism Across Meme Coin Market
The timing of Dogecoin’s chart breakout could reflect a broader change in market sentiment, particularly in the altcoin sector. Meme coins have a reputation for responding quickly when the market is in a recovery stage, and Dogecoin remains the category leader in terms of volume and market capitalization.
A confirmed breakout could reignite investor interest in DOGE and broader high-risk digital assets within the cryptocurrency sector. Upward chart analysts prioritize the weekly close, which would be the first significant trendline breach since late 2023.
As the price holds above the resistance and volume increases, DOGE is possibly positioning itself to make a significant move. The confirmation is, however, pertinent in legitimizing the pattern and compelling the attraction of the persistence of the impulse.
Dogecoin’s position above a multi-month downtrend is raising expectations of a confirmed breakout. All focus now turns to the upcoming weekly close, which could determine the token’s next significant move.
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