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Dogecoin (DOGE) Eyes Potential Rally as Price Tests Key Support

Dogecoin is testing a crucial support level, with analysts predicting a potential breakout that could send the altcoin soaring. A 4.5-year pattern hints at a major rally.

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There is a dog opened its mouth and there is another animal beside it.
There is a dog opened its mouth and there is another animal beside it.

Dogecoin (DOGE) Eyes Potential Rally as Price Tests Key Support

Dogecoin (DOGE) is showing promising signs of a potential rally, with its price action mirroring past accumulation phases that preceded significant gains. The altcoin is testing a rising support trendline and is currently trading near $0.2549 after rebounding from the $0.13-$0.15 support zone.

Technical analysts are eyeing a breakout for DOGE, which could target $0.70 to $1.00 if it successfully tests the rising support trendline. This setup is similar to patterns seen in early and late 2024. Additionally, DOGE's recent price action mirrors past accumulation phases that preceded significant rallies in 2017 and 2021.

Dogecoin's current structure is described as a 4.5-year cup and handle pattern. If confirmed, this pattern could lead to a rally for the altcoin. Meanwhile, the altcoin market cap is forming a classic weekly cup and handle pattern, which could trigger a broad altcoin rally if completed.

If momentum builds for DOGE, it could reach upside targets between $0.50 and $0.80, matching historical breakouts. Despite a daily decline of 0.86%, DOGE is up 56.41% in 90 days and 143.17% year-over-year, with bullish long/short ratios and high open interest. Investors are watching closely as DOGE continues to test the rising support trendline.

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