Dogecoin Bullish Momentum Signals 10% Breakout Potential

Dogecoin is currently displaying bullish momentum, as indicated by the formation of a bull pennant on the 1-hour chart. This pattern typically signals a potential breakout, with market participants closely watching the $0.173 to $0.175 resistance zone. A close above this level could confirm the breakout and drive Dogecoin toward the projected target of $0.185.

Adding to the bullish outlook, Dogecoin recently experienced a golden cross on the hourly chart, where the 50-hour moving average crossed above the 200-hour moving average. This technical indicator is widely seen as a sign of upward momentum and trend reversal. Additionally, the Relative Strength Index (RSI) is trending higher, indicating strengthening buying pressure without entering overbought territory. These indicators collectively support the potential for a sustained rally in the near term.

Dogecoin’s price action has stabilized above the $0.165 to $0.17 support zone, a critical level that previously acted as a launchpad for gains. This consolidation within a broader range of $0.143 to $0.26 suggests that the market is digesting recent gains while preparing for the next leg up. Key oscillators such as MACD are showing positive crossovers, while the 200 EMA continues to provide dynamic support, reinforcing the constructive technical outlook.

On-chain analytics from Santiment reveal that Dogecoin’s MVRV z-score has declined to 0.241, signaling that the asset is currently undervalued relative to its realized value. Additionally, the 365-day Median Days In Address (MDIA) has increased to 152, reflecting longer holding periods among investors. This trend suggests a growing confidence in Dogecoin’s fundamentals and a shift toward accumulation rather than speculative trading. Such metrics are often precursors to sustained price appreciation as investor sentiment strengthens.

In summary, Dogecoin’s formation of a bull pennant, supported by a golden cross and rising RSI, points to a likely breakout above the $0.175 resistance level with a short-term target near $0.185. Market structure and technical indicators align with this bullish scenario, while Santiment’s on-chain data underscores increasing investor confidence through undervaluation and extended holding periods. Traders and investors should monitor these key levels and indicators closely as Dogecoin navigates this critical juncture, presenting potential opportunities in the evolving crypto landscape.