Key Insights:
- Dogecoin has touched a long-term support trendline, similar to 2017 and 2020 rallies.
- Short-term support holds near $0.105–$0.110; breakout target sits at $0.130–$0.132.
- Hourly chart shows breakout from broadening wedge; move depends on staying above key zone.
Dogecoin (DOGE) has touched the lower boundary of a price channel that has held for nearly a decade. This trendline has marked earlier turning points in 2017 and 2020. Both times, the price rose sharply afterward.
The same trendline is now in play again. DOGE recently reached this lower line, which is seen as strong support by many traders. As of then, the price action suggests the structure is holding. The upward-sloping channel continues to guide DOGE’s overall movement on a long-term scale.
Support Zone Between $0.105 and $0.110
DOGE is holding steady near $0.1082 after briefly falling under key support. The move below support is referred to as a “liquidity sweep” on trading charts. After this drop, the price bounced back above the $0.105–$0.110 zone.
This area is now acting as a short-term base. According to BitGuru,
“$DOGE is holding a major base near $0.105–$0.110 after the liquidity sweep, and this zone must stay intact for a recovery attempt.”
If this base holds, the next focus will be on resistance between $0.135 and $0.150.
Traders are watching this range closely. A push above resistance could bring higher levels into view. If price falls below the base, the setup will no longer be valid.
Short-Term Breakout on the Hourly Chart
A breakout setup was shared by CryptoBull_360 based on the hourly chart. It shows DOGE moving out of a broadening wedge. The price broke above the upper line of this pattern and is now holding above short-term resistance.
The post suggested that this breakout could lead to a gain of 20–30% if price stays above the key zone. The projected target from the wedge breakout is around $0.1300–$0.1320. “As long it consolidates above the depicted zone,” CryptoBull_360 wrote,
“a 20–30% move might follow.”
Traders are watching for continued price stability and increasing volume. A clean move above $0.1100 could support this setup in the short term.
Long-Term Trend Still in Play
DOGE continues to follow a structure that started in 2015. The price has respected the lower boundary of the long-term channel during multiple market cycles. The current touch aligns with earlier points that triggered upward moves.
Price stability above the key trendline and support zone will be needed for buyers to step in. While some are preparing for a bounce, others are waiting for stronger signals. For now, Dogecoin remains near a level that has marked important moves in the past.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Source: https://coincu.com/analysis/dogecoin-breaks-wedge-eyes-30-rally/