Dogecoin (DOGE) price is showing strong signs of a potential breakout, surging over 1.5% today to $0.1619. According to top analysts, if DOGE successfully breaks above the critical $0.17 resistance, it could trigger a rally of up to 130%, setting sights on $0.39.
Dogecoin Price Performance: Weekend Recovery Sparks Optimism
Despite a flat performance over the last week, DOGE’s weekend rebound has renewed market interest. Currently trading near $0.162, Dogecoin has touched a 24-hour high of $0.1634 and a low of $0.1575.
However, the trading volume has dropped 31% to $546.63 million, suggesting cautious participation. Still, the Relative Strength Index (RSI) remains neutral at 39, leaving room for upward momentum.
Dogecoin is attempting to break a long-term descending trendline, which could unlock significant gains if confirmed.
Technical Analysis: Bullish MACD and Trendline Breakout in Play
Crypto analyst Trader Tardigrade identified a bullish MACD cross on DOGE’s daily chart, signaling a potential buy zone. This development, combined with a breakout above the $0.16 zone, could ignite further upside momentum.
Breaking the $0.17 resistance level is key. A successful breakout may confirm a reversal pattern, pointing toward new highs.
The DOGE price chart shows an emerging bullish trend. A descending triangle pattern has been forming, with $0.1618 as the lower boundary and $0.17 acting as critical resistance.
DOGE Price Prediction: 130% Surge on the Horizon?
According to analyst Jonathan Carter, DOGE could target $0.20, $0.26, $0.31, and eventually $0.39 if the current momentum sustains.
A move to $0.39 from the current level would represent a 130% price increase.
With the global crypto market cap recovering by 0.8% to $3.29 trillion, and meme coins gaining traction again, Dogecoin may be ready for a major leg up.
All Eyes on $0.17 Breakout
Dogecoin is at a technical crossroads. If bulls manage to push DOGE convincingly above $0.17, the meme coin could re-enter a powerful uptrend. While caution is advised due to low volume, technical indicators strongly favor a bullish breakout in the coming sessions.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.