Dogecoin News Today: Dogecoin Surges 17% in Week Breaking $0.20 Resistance

Dogecoin (DOGE) has recently gained significant momentum, breaking through a major resistance area around the $0.20 mark. This movement has sparked interest among traders and analysts, signaling a potential shift in sentiment towards a broader bullish trend. The price action was preceded by a technical breakout pattern and a bullish candle pattern, which are often indicators of a reversal in market direction.

The formation of a hammer candlestick on the daily chart, closing just above $0.192 after an intraday low of $0.185, is a key technical signal. This pattern is commonly associated with reversing bullish moves and typically occurs at the end of a downtrend or a period of consolidation. The hammer pattern, combined with growing volume, strengthens the interpretation of a possible reversal in market direction. This signal is particularly significant as it coincides with a horizontal support area that has acted as a local bottom in the past.

In the last 24 hours, the Dogecoin price increased by more than 5%, and its growth over the last 7 days reached around 17%. The meme coin price moved upwards from $0.17 to above $0.20, suggesting short-term bullish activities. At the time of writing, DOGE was priced at approximately $0.203, safely resting above the resistance level that had been demonstrated earlier. This rally followed an extended flat movement at this point, as well as several unsuccessful breakout efforts below the $0.18-$0.20 bullish zone.

Another significant development is the breakout from a falling wedge pattern that has been developing since early June. Falling wedges are typically bullish continuation patterns and are particularly common in response to a retracement within an ongoing wide uptrend. The breakout was confirmed above the $0.20 level, with a projected target around $0.43 through measured move at the widest part of the wedge. This zone aligns with past resistance levels recorded in the middle of 2021 and earlier this year. The analyst put a range of $0.25 and $0.30 as the intermediate interest zones with the historical interplay of the price and volume clusters.

A crucial movement has been breaking above a multi-month downward trendline which has been the resistance since mid-2023. This breakout was after a rounded accumulation foundation building since late 2022, a possible macro reversal. Additionally, the forecasted path leads toward the $0.70–$0.75 region, which marked Dogecoin’s peak during the last bull cycle. To further support the bullish breakout, recent analysis revealed that Dogecoin price developed a recurring fractal structure, indicating increasing active addresses and nearing 1.618 fibonacci extension around 0.351. This suggested an increase in strength and user attention in Dogecoin price charts and on-chain data.