Dogecoin News Today: Dogecoin Eyes $0.241 Breakout as Analyst Flags Bullish Setup

Crypto analyst CryptoInsightUK has identified Dogecoin (DOGE) as his top altcoin recommendation, citing a favorable technical setup and a potentially bullish price trajectory. In a detailed analysis shared on social media, the analyst outlines a weekly chart structure that suggests DOGE is positioned to break out of a defined consolidation phase. A key trigger point he highlights is a weekly close above $0.241, which would signal a bullish engulfing pattern and could propel the coin toward the $0.27–$0.30 resistance range [1].

According to the analyst, Dogecoin has been forming a broadening ascending wedge pattern, with a potential upside target as high as $0.75—near its all-time high. This projection is further supported by the possibility of reaching the 1.618 Fibonacci extension at approximately $1.17, although such a move would require a strong breakout through key resistance levels [1]. The weekly RSI has also shown a positive turn, rising from the mid-30s to the mid-50s to low-60s, indicating there is still significant room for growth before entering overbought territory [1].

The analyst points to the larger market context as another favorable factor. With Bitcoin’s dominance declining and Ethereum showing upward momentum, altcoins are in a strong position. Dogecoin, currently ranked among the top 10 cryptocurrencies, remains behind most peers in terms of all-time highs. The analyst argues that a third significant impulse on higher timeframes—following two prior major bullish moves—could position DOGE for a major breakout [1].

On lower timeframes, the price action supports the bullish case, with higher highs and higher lows suggesting the impulse may already be in motion. Fellow trader CRG echoed the sentiment, noting that DOGE has been consolidating for six months with higher lows, and that a significant move is likely in the future [1].

At press time, DOGE was trading at $0.242, just above the key trigger level the analyst is monitoring. A confirmation above $0.241 would mark the beginning of a potential breakout phase. Acceptance through the $0.27–$0.30 resistance band could open the path toward the mid-$0.30s and retest the December 2023 high of $0.48. If the rising trendline is breached, the next support levels are projected near $0.17 and $0.13 [1].

The analyst concludes that the risk-to-reward profile of Dogecoin makes it an appealing trade, particularly given its position within the top 10 crypto assets and its technical alignment with a potential large-scale bullish impulse [1].

Source: [1] Analyst Picks Dogecoin As His Top Altcoin Right Now (https://www.newsbtc.com/news/analyst-picks-dogecoin-top-altcoin-right-now/)