Dogecoin News Today: Dogecoin Breaks Trend Line, Gains 7% in 24 Hours

Dogecoin (DOGE) has recently broken above a long-term downward trend line, indicating a potential shift in its price trajectory. This breakout, which occurred on the weekly chart, has opened the path to targets near $0.27 and $0.33. The meme coin's price has traded above former resistance near $0.18, signaling a trend reversal. This development is supported by increasing buyer interest and a sequence of higher lows, forming a broad base.

Historical cycles of Dogecoin show that after similar rounded accumulation phases, the meme coin has gained significantly. In 2017, Dogecoin rallied more than 5,800% after completing a bottoming formation, and in 2021, it saw a 21,000% rise. These patterns were marked by sideways action followed by a breakout and rising. Analysts suggest that the current structure may be replicating these historical accumulation zones, indicating a potential continuation of the breakout.

Additionally, the DOGE/BTC trading pair has formed a Cup and Handle pattern on the daily chart, which is typically associated with upward continuation. This pattern suggests that Dogecoin may outperform Bitcoin soon. The neckline of this pattern rests near the 0.0000172 BTC level, and a breakout from this pattern could suggest that DOGE price could gain in value against Bitcoin, even if Bitcoin remains in a range. This relative strength is often used as a leading indicator for altcoin-specific rallies.

If DOGE/BTC sustains a move above its neckline, there may be further capital rotation into the meme coin. This could amplify the USD pair’s momentum and provide additional fuel for a push toward the $0.33 level. At the time of writing, Dogecoin price traded at $0.214, up 7% over the past 24 hours. The meme token rallied from a low near $0.2015, showing strong intraday momentum.

Supporting a bullish breakout, recent analysis showed Dogecoin price reclaiming key levels and targeting $0.351 based on Fibonacci levels. There was a rise in on-chain activity and a growing holder count, indicating a possible continuation to higher resistance zones in the coming weeks. If DOGE price remains above the trendline, the short-term corrections may be supported above $0.20 to $0.22 region.