Dogecoin Surges 40% Breaking Bullish Pattern, Eyes 200% Gain
Dogecoin has recently broken above a significant bullish pattern, shifting the technical outlook from bearish to bullish. This move suggests the beginning of a fresh upswing, with bulls aiming for a 200% increase that could clear all barriers to marking a new all-time high (ATH).
The past week was particularly profitable for the crypto markets, as tokens broke out of long consolidation periods. Dogecoin, which had been stuck within a pattern for over a month, experienced a 40% upswing. This breakout not only shattered the resistance of the pattern but also propelled the popular memecoin into a massive bullish range. Technical indicators for Dogecoin suggest a potential bullish crossover, which could trigger a 200% upswing over the next few weeks.
Following the recent breakout, Dogecoin has entered a mark-up phase on the weekly chart, with ample room to maintain an upward trajectory before encountering major resistance. The DOGE/BTC pair also signals a bullish pattern, which previously led to a 30,000% spike in Dogecoin's price during the last cycle. If a similar breakout occurs, the new ATH could be well above a dollar.
In the coming days, a surge in Bitcoin's price is expected to cause a temporary drop in the DOGE/BTC pair, indicating Dogecoin's rising strength relative to Bitcoin. While Bitcoin's price is expected to trade sideways within a range close to its gains, Dogecoin and other altcoins are anticipated to remain elevated for several weeks. As the price rises above $0.23, the question remains whether it can reach the pivotal resistance at $0.75 before the end of the month.
The weekly chart of Dogecoin's price suggests an incremental trajectory as it enters an expanding channel after breaking out from an ascending triangle. The weekly MACD displays a drop in selling pressure, with levels heading for a bullish crossover. The BMSB (Bull Market Support Band) is also close to a similar crossover. Previously, these crossovers resulted in gains of 155% and 350% in 2024. With similar technicals in place, the price is expected to rise by more than 260% and mark a new ATH.
However, concerns remain as the volume during this breakout is lower than previous ones in 2024. Despite this, the price has surged within the bullish range, and as long as it sustains above $0.22, the prospects of an extended upswing with a short-term target at $0.35 and a long-term target at $0.75 remain. This could further propel the memecoin towards a new ATH at around $0.85.
Nevertheless, a pullback could occur before Dogecoin's price reaches $1, potentially deferring the timeline by a few days. However, the target for Q2 2025 remains unchanged, according to the analyst's forecast.