Dogecoin ($DOGE) breaks through resistance seal! Will the $1 mark be 'pierced'?
Once Dogecoin successfully breaks through the current resistance trend line, its price is expected to launch an attack on the important psychological level of $1, and may experience significant gains in the process of refreshing historical highs.
After Dogecoin successfully breaks through the key resistance trend line, it may launch an attack above $1. The current breakout situation is stable, showing no signs of a false breakout. It is worth noting that this price movement is very similar to that in February 2024—when momentum continued to build, the price surged significantly, suggesting that this round may also be brewing a strong upward trend.
Referring to historical patterns, if Dogecoin continues its current upward trend, a key breakthrough may occur in May 2025, with a strong possibility of surpassing the $1 mark. Chart data shows that previously, Dogecoin's price soared from about $0.09 to a high of $0.18 during a similar upward trend, providing a reference for the current movement.
There is a positive expectation for Dogecoin's price movement. Analysis indicates that Dogecoin's Wyckoff accumulation model remains valid. During the accumulation phase C, after the 'spring' rally, the market showed testing actions, which aligns with the typical characteristics of the Wyckoff accumulation pattern.
Meanwhile, multiple low support points (LSP), strong signals (SOS), and pullback levels (BU) have appeared in phase D. Once Dogecoin completes its consolidation near $0.18, it will smoothly enter phase E, at which point the formation will be complete, potentially triggering a significant price increase for this meme coin. Predictions suggest that in phase E, Dogecoin's price may reach $0.26, and it may further launch an attack towards new highs.
Looking back to last year's Fed rate cuts, Dogecoin quickly climbed to a peak of $0.45. According to CoinMarketCap data, as of the time of writing, Dogecoin is quoted at about $0.18, with an increase of nearly 3% in the last 24 hours.
