Dogecoin has risen over 400% after bouncing off the ascending support trend line. The recent price action follows a period of sideways trading, and several technical breakthroughs have confirmed the strong upward trend. Analysts now believe that a +600% increase could be imminent, targeting a level of $0.93.
The technical breakthrough pushes Dogecoin to a higher target.
According to the analysis prepared by Javon Marks, Dogecoin has maintained a macro pattern with higher lows since the beginning of the year. This trend indicates that buyers have consistently entered the market after each decline. Marks compares this setup to the previous phase that led to a rise to the sky of 500%.
The current structure supports a target of $0.6533 and could be $1.25 if the upward momentum continues. Marks notes, “If the current pattern holds, DOGE could follow a similar path as in previous breakouts.” This bullish structure has formed as the price of DOGE has risen to the sky from its long-term upward trend line.
Another technical development comes from analyst Ali Martinez, who reported that Dogecoin has broken out of the ascending triangle on the hourly chart. This triangle formed between the upward trend line and the horizontal resistance level near $0.162. After breaking out, the price has risen, with the target forecast model at $0.195.
Price remains above the important support level as the growth rises to the sky
After surpassing the 50-day simple moving average, Dogecoin reached a high of $0.1855 before easing slightly. The move above this level marks the first time DOGE has traded above this level since December 2024. The price is currently stabilizing around $0.172 as traders assess the next move.
The RSI is holding above 60, indicating increased buying activity, while the MACD continues to rise. The short-term resistance remains at $0.185, but breaking through this level could lead to a new wave of buying. If the current support is maintained, Dogecoin may continue to target $0.50, $0.73, and $0.93 in the upcoming sessions.
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