Dogecoin (DOGE) has surged 18% in just three days, outperforming the top 30 cryptocurrencies and sparking renewed interest from traders and analysts alike. With DOGE currently trading at $0.1965, one key trend suggests the meme coin could be poised for a 55% rally—if the critical $0.20 support level holds.
Onchain Metrics Point to a Breakout Zone
According to Glassnode data, 7% of the total DOGE supply is clustered at the $0.20 level. This URPD (Unrealized Price Distribution) metric helps identify areas of potential support or resistance based on where coins were last moved.
“If $0.20 is breached, there’s little Dogecoin supply until $0.31,” said Glassnode, adding that the lack of resistance in this range significantly raises the chance for a sharp price surge.
DOGE’s price action suggests that a breakout toward $0.31 could pave the way for a larger bullish structure to form on the high time frame (HTF) charts.
DOGE Breaks Key Trendline, Sentiment Turns Bullish
On March 24, DOGE broke out of a three-month descending trendline, a move flagged by crypto analyst Trader Tardigrade as a bullish signal.
“The token looks set for a relief rally over the next few days,” said Tardigrade.
Adding to bullish sentiment, the House of Doge—the Dogecoin Foundation’s corporate wing—announced the launch of The Official Dogecoin Reserve, kicking off with a 10 million DOGE purchase aimed at building a more stable payments ecosystem.
“With a strategic reserve, House of Doge is laying the foundation for a payments ecosystem that ensures liquidity, stability, and reliability,” the Foundation stated. They also pledged to provide full transparency once the reserve transaction is completed.
Resistance and Sell Zones Ahead
Beyond the $0.31 target, DOGE faces potential resistance in the $0.32–$0.41 zone, where 3 to 6-month HODL waves sit. These levels coincide with investor entry points from January 2025, which could lead to profit-taking or breakeven selling pressure.
If DOGE can maintain support at $0.20 and trading volume continues to rise, analysts believe a 55% rally toward $0.31 is within reach. The breakout of a long-standing downtrend and the new institutional initiative from the House of Doge are fueling optimism that the meme coin may be gearing up for a strong short-term rally, according to Cointelegraph.
