Two well-known technical chart experts stated that Dogecoin's price has risen over 17% in the past four days, thus approaching bullish territory. Rekt Capital (rektcapital) and Henry (LordOfAlts) noted that they believe there is a significant technical setup on Dogecoin's (DOGE) price chart that could indicate a major breakout.
This price level is crucial for Dogecoin.
Rekt Capital shared the weekly chart for DOGE/USDT this morning, marking the levels of $0.159, $0.204, and the crucial $0.22 price point! This analyst stated that whether Dogecoin can 'stand above and/or maintain $0.22 weekly' now depends on this wave—he also circled this level in green as the pre-halving high point area!
Rekt Capital believes that the recent drop below $0.22 might just be a minor setback, and if the price can firmly stay above $0.22 going forward, this small breakthrough may not mean much. Look at the candlestick chart around $0.20 and $0.22; the volatility is quite high, obviously indicating that the price was 'bouncing' around the March peak.
Technically speaking, $0.22 is a critical level. If Dogecoin's weekly closing price can exceed this level, buyers might take control, and the price could potentially rise even further, possibly reaching the $0.28 and $0.338 marked by the two green lines in the Rekt Capital chart.
Is the DOGE breakout confirmed?
Meanwhile, analyst Henry (LordOfAlts) indicated that a descending wedge will form from the end of 2024 to the first quarter of 2025, noting that this pattern is similar to Dogecoin's descending wedge in 2024, which ultimately led to a breakout and a significant price increase.
On Henry's chart, Dogecoin has been consolidating between two descending trend lines for several months. The upper trend line connects the lower highs since the token peaked above $0.48, while the lower boundary captures a series of declining lows.
Henry's analysis compares the current wedge to a similar structure that resolved in a 365% surge starting in October 2024. In the past few days, Dogecoin has once again broken through the descending wedge pattern, potentially laying the groundwork for another significant rise.
Although Henry did not guarantee specific targets, he pointed out that the last time something similar happened was on September 24. Next is 50 cents, followed by $1.00, and he succinctly indicated to 'trust the cycle.'
As of the time of writing, the trading price of DOGE is $0.19583.
