Cryptocurrency analyst CryptoInsightUK praises Dogecoin as one of the hottest altcoins currently, noting its clear weekly structure and the expanding ascending wedge that is still dominating prices as its selling point. His report begins with a clear title—"My Top Altcoin Recommendation: Dogecoin"—and then articulates this view in simple terms: "We have been actively trading Dogecoin for about a week and a half, and I have been sharing updates on the trade with everyone. Dogecoin looks very bullish on the weekly chart, and if it can close above $0.241 this week, it may close with a bullish engulfing candlestick. That would be fantastic."

Why Dogecoin is currently the hottest altcoin

The DOGE/USDT weekly chart shows that the price is approaching a clear supply zone marked as the "resistance level," located between $0.27 and $0.30, where July's "higher high" ($0.287) is situated. Below is an ascending weekly line that has been controlling prices since mid-2023, currently located above $0.16 and below $0.17, forming a horizontal "support level" around $0.13, aligning with the previous "consolidation lows." The stair-step pattern marked on the chart as "consolidation lows → higher → higher lows → higher highs" remains intact.

Analysts are linking this structure to a specific morphological roadmap. "We may be forming an expanding ascending wedge pattern, with a potential upside target that could reach the historical high of $0.75," he wrote.

He further added: "If we extend the prediction timeframe, we might even consider that the 1.618 Fibonacci extension near $1.17 could come into play. Of course, we need to break through the resistance levels marked on the chart to see a similar situation." He then contextualized the trade within the market backdrop: "If the market continues to hold—Bitcoin's dominance declining while ETH continues its upward momentum—I think a Dogecoin rally is not impossible."

Momentum indicators show there is still room for upside. The chart shows that the weekly RSI has rebounded from around $30, restoring the bullish signal, currently positioned between $50 and just over $60—well below the overbought range that accompanied the previous bullish moves.

The analyst emphasized this trend clearly: "In terms of the RSI indicator, there is still significant upside space before entering the overbought zone, which is usually when the market starts to get excited." He also framed this setup with the impulse structure of higher time frames: "From a technical perspective, Dogecoin has experienced two significant impulses within the higher time frame, both creating higher highs and higher lows. Now, we are looking for the third impulse."

Positioning is also important to him. "Looking at Dogecoin as a top ten crypto asset, we find that all other cryptocurrencies in the top ten, except for Cardano and Solana, have reached all-time highs... Dogecoin is still lagging, and I believe the main driving force has yet to come."

During the execution process, he pointed out that the tape confirmed this bias in a lower time frame: "In the lower time frame, we see higher highs and higher lows, indicating that momentum may have begun." This leads to the trading argument: "Given all this, it's an exciting time for altcoins, and I believe in the risk-reward ratio of Dogecoin, especially considering its position among the top ten assets, which remains attractive even at current levels."

The consensus among peer technicians is clear. In a community tweet, analysts reiterated the levels and structure from earlier this week. Trader CRG explained patient trading: "There’s nothing to update. The price is just cooling down, having consolidated for six months, creating higher lows. Dogecoin will eventually surge at some point, I have no doubt, it just requires patience to wait." He summarized the reasons behind the position with a screenshot and captioned it: "This is why we joined the $DOGE trading family."

From here, the direct trigger is mechanical and clearly visible on the chart: a weekly closing price above $0.241 would confirm the bullish engulfing confirmation signal observed by analysts at the resistance level. A breakout above the $0.27-$0.30 range would reopen the pathway to the mid-$0.30 level, as well as the resistance when Dogecoin broke above the $0.48 peak last December; failing to hold the ascending trendline would delay Dogecoin's move toward the next demand area around $0.17 and $0.13.

As long as a series of higher lows remain unbroken, the wedge will continue to form a reliable springboard towards the analyst's set targets, with $0.75 being the first historical waypoint, while the 1.618 extension around $1.17 is reserved for the fully developed impulse.

As of press time, DOGE is trading at $0.242.