Dogecoin has been consolidating sideways in recent weeks, and is now approaching a key price level. Technical patterns across various time frames show that bullish forces are strengthening. If it breaks this point, Dogecoin could surge directly to 0.30 USD or even higher.
DOGE price is close to the breakout point of 0.23 USD.
Dogecoin is currently testing the upper boundary of the symmetrical triangle. If the price can successfully break through the 0.23 USD level, a significant surge is likely to follow.
Fibonacci extension targets have been locked in, with the next resistance around 0.26, 0.28 USD, and it may even reach 0.31 USD. If it breaks through smoothly, this wave of increase may last until early September, and the accumulation actions are also increasing.
It is worth noting that the current DOGE price is near 0.22 USD, testing the key trendline resistance.
The key is whether the price can hold the breakout point. If it cannot hold, the rebound may lose momentum. However, as long as the consolidation zone is maintained, this pattern still remains constructive.
The symmetrical triangle has been completed.
Additionally, Dogecoin price has completed the E wave of the symmetrical triangle. According to Elliott Wave analysis, all corrective wave segments have ended.
The next trend is likely to be an impulsive breakout. When the correction of the symmetrical triangle is completed, a rapid recovery of the trend usually follows. The chart shows that the last rebound from the 0.21 USD support indicates that the consolidation phase has ended.
Analysis shows that in the short term, the top memecoin is likely to rise. However, technical confirmation is needed, meaning the daily closing price must strongly break through the resistance level. Meanwhile, momentum indicators are also supporting the bulls, indicating that the bulls are regaining control of the market.
Future resistance levels for DOGE
If Dogecoin breaks below the selling pressure around 0.24 USD, the next resistance will appear around 0.28 USD.
This pattern shows that once Dogecoin breaks above the supply zone, the upward trend will be very apparent. The green support levels remain solid at 0.21 and 0.19 USD, continuing bullish sentiment. While attempting to break through, traders can pay attention to changes in trading volume as a reference for judging momentum.
Order trends will also affect the speed of price fluctuations. Once the low resistance in the 0.24–0.28 USD range gains momentum, significant volatility may occur.
Long-term view: Cup and Handle pattern
It is worth noting that from the weekly chart, Dogecoin is forming a cup and handle pattern, which is usually a bullish signal. In the medium term, the upward target of this pattern may break 0.50 USD.
This pattern is very similar to the previous rebound of Dogecoin at the multi-year bottom. The cup-shaped body and handle pattern show that Dogecoin is likely to accumulate in the current range before initiating the next round of upward movement.
From this perspective, Dogecoin will enter a stronger bullish trend and is expected to break through the short-term consolidation zone. If the cup and handle pattern is ultimately completed, this wave of increase may extend to 0.70 USD or even higher.
