Dogecoin News Today: Dogecoin Coils for Breakout as Technical Analysis Targets 576% Surge to $1.56

Dogecoin’s price action has drawn renewed attention from technical analysts as bullish signals emerge on the weekly chart. Current price levels above key support-turned-resistance suggest the meme coin is coiling for a potential breakout, with price targets ranging from $1.56 to as high as $16.07 depending on wave interpretations. The analysis hinges on maintaining critical support between $0.13 and $0.16, which must hold for the bullish case to remain valid.

XForceGlobal, a market analysis firm, has outlined two Elliott Wave scenarios for DOGE. The first model positions the coin in its fifth impulsive wave, projecting a target of $1.56—nearly 6.7 times its current price of $0.2313. This scenario relies on the ascending wedge pattern gaining momentum on the weekly chart. A more aggressive interpretation suggests DOGE is in a new macro cycle, placing the price in Wave III of a larger structure. If this wave extends, the theoretical target jumps to $16.07, though such a move would require unprecedented speculative flows to sustain [1].

The immediate technical backdrop appears favorable. DOGE has recently traded above $0.23, a level previously acting as resistance in early 2021 and 2024. This flipped support level, combined with the absence of a breakdown below $0.13–$0.16, keeps both bullish paths intact. A breach below this range would invalidate the technical case for further gains, but traders remain focused on continuation patterns and volume confirmation for a breakout.

Market sentiment among traders reflects cautious optimism. XForceGlobal described DOGE as a “resilient legacy coin,” noting its historical tendency to outperform during altcoin rotations. Another trader, Alek, highlighted the asset’s readiness for a third resistance test, suggesting short-term scalping opportunities while waiting for a decisive breakout. Alek’s analysis emphasizes the need for three retests to break a strong resistance, aligning with the structural narrative of a coiled move [1].

Despite a 3.18% decline over 24 hours and a 4.04% drop in the past seven days, DOGE remains structurally bullish. The recent pullback has not disrupted the longer-term wave count, with analysts attributing the volatility to speculative positioning ahead of a potential retest of key levels. Traders are advised to monitor volume dynamics during the next attempt to break above resistance, as confirmation would signal the next leg of the rally toward $1.

The technical case is underpinned by DOGE’s unique positioning in the crypto market. As a “legacy” meme coin with sustained retail interest, it benefits from recurring narrative-driven rallies. However, analysts caution that while the wave counts provide a framework, execution will depend on broader market conditions and liquidity. The absence of a breakdown below $0.13–$0.16 remains pivotal, with a failure to hold this zone likely redirecting price lower.

For now, attention remains fixed on whether DOGE can flip its resistance into support on the next retest. If successful, the price could extend its bullish trajectory, aligning with the most optimistic projections. Skepticism persists, but the technical structure offers a clear roadmap for traders to follow.

Source: [1] [Dogecoin Coils for Breakout: DOGE Price Path Targets $1 and Beyond] [https://blockonomi.com/dogecoin-coils-for-breakout-doge-price-path-targets-1-and-beyond/]