Bitcoin News Today: Dogecoin Surges 20% Weekly, Hits $0.236 as Bitcoin Holds $120,000

Dogecoin has surged past the $0.23 mark, reaching approximately $0.236 at the time of reporting. This surge has extended a weekly gain of over 20 percent, marking a significant milestone for the cryptocurrency. The breakout occurred as Bitcoin continues to consolidate just above the $120,000 pivot point, a level that many market analysts consider crucial for the broader altcoin market.

Technical strategist Kevin (@Kev_Capital_TA) shared a daily DOGE/USD chart, highlighting Dogecoin’s price action within a multi-month falling trend line. This trend line was first breached in November of the previous year, and since then, the price has returned to this line three times, each touch marked by Kevin as a sign of "textbook post-breakout behavior."

Kevin predicts that Dogecoin is on track to return to the $0.28-$0.30 level and beyond. He emphasizes that this movement is contingent on Bitcoin maintaining its strength and potentially breaking through the $120,000-$123,000 range, ideally moving towards $140,000-$150,000 where overhead supply is significantly reduced.

Kevin’s analysis includes a dense cluster of Fibonacci retracements, with immediate resistance at the 0.618 and 0.65 retracement bands, approximately $0.261 and $0.285, respectively. Further resistance levels are at 0.703 ($0.329) and 0.786 ($0.413). Support levels are at 0.5 retracement ($0.190) and 0.382 ($0.138).

Beyond these classical retracement levels, Kevin projects aggressive Fibonacci extension lines at 1.618 ($3.97), 1.65 ($4.33), and 1.703 ($5.00). He suggests that if liquidity conditions mirror those of 2021, Dogecoin could experience a parabolic overshoot above its previous cycle’s peak.

However, Kevin cautions that these targets are contingent on Bitcoin breaking through the $120,000-$123,000 range and ideally moving towards $140,000-$150,000. He also notes that Bitcoin, along with other major cryptocurrencies, is at significant resistance levels, advising against attempting to be a hero in the current market conditions.

If Bitcoin delivers the anticipated breakout, the DOGE/BTC pair could see a sharp acceleration, validating Kevin’s view that Dogecoin is "playing catch-up" and may be poised for an outsized percentage move once the broader market trend resumes. Traders are now watching for a daily close above $0.285 to confirm the next leg higher. Failure to hold the wedge top near $0.19 would postpone the bullish narrative and leave the post-breakout retest zone vulnerable.

At the time of reporting, Dogecoin was trading at $0.242.