Dogecoin Surges 7.162% in 24 Hours Amid Bullish Channel Formation

Dogecoin's latest price was $0.1691, up 7.162% in the last 24 hours. The cryptocurrency has been the subject of significant interest and analysis in recent weeks, with various developments and trends capturing the attention of crypto enthusiasts and analysts alike. One notable observation is the formation of a bullish channel, which has been reinforced by multiple V-shaped recoveries since June 21. This pattern suggests a strong upward momentum, with analysts predicting a potential 5x–6x rally within the next 3–4 months. The structure of this channel, supported by higher lows and successful bounces off the lower trendline, indicates consistent accumulation pressure and increased demand.

Over the past week, Dogecoin has maintained higher lows, indicating a rising wedge formation visible after June 27. This pattern is supported by three successful bounces off the lower trendline, with each recovery following steep declines. The most recent surge met selling at a key resistance level, but the price remains near that level, suggesting that bulls are not retreating. This pattern of compressed price action followed by rapid upswings has been a recurring theme, with each leg up being sharper than the last, indicating gaining momentum with each retracement.

Historical recovery zones have also been a focal point, with a steep reversal of a descending wedge between June 21 and June 23 creating a rapid upward breakout. Another such structure emerged on June 27, as the price bounced off local lows. These repeating formations underscore a pattern of compressed price action followed by rapid upswings, with each leg up being sharper than the last. While the current price still trades below a key level, the formation remains intact, suggesting potential for further gains.

As July approaches, the key resistance to monitor is a specific level. A sustained break above that could open the path toward higher targets. The presence of a well-defined upward channel gives the structure for a continuation. It is worth noting that every attempt to break down has been preceded by a vigorous bout of buying in short-term retreats. The price is also trading above marked support, thus providing further support to the short-term bullish structure.

Dogecoin recently experienced a sharp rally following a clean breakout from a descending trendline on the 1-hour chart. This move marked a decisive shift in short-term momentum, with DOGE breaking above the downtrend that began on May 23. As of July 1, DOGE rebounded from a local low to reach a higher level—a significant rise in a matter of days. Technical indicators show encouraging signs, with the RSI climbing above a key level on the 1-hour timeframe, signaling renewed bullish momentum without yet entering overbought territory. Meanwhile, the MACD crossed bullishly on shorter timeframes—another hallmark of positive upside potential.

In summary, while the 1-hour breakout indicates bullish potential, mixed signals on longer timeframes advise a measured approach. Keep an eye on volume and momentum indicators as they will ultimately determine if DOGE’s rally can sustain its climb or run out of steam.

Dogecoin is revisiting a technical juncture it has not seen since the months preceding its 2020–21 parabolic rally. In a comparative chart published by the pseudonymous analyst Kaleo, weekly candles for DOGE-USD trace two multi-year falling wedge structures—one stretching from the January 2018 high to early 2021, and an almost mirror-image pattern extending from the May 2021 peak until today. The first wedge resolved in late 2020 with a decisive breakout above a descending trend-line that had capped every rally for more than thirty-six months. Kaleo marks that moment with a yellow label reading “We are here” at roughly $0.003, immediately before the price detonated to the cycle top near $0.75 in May 2021.

The current structure shows the same downward-sloping resistance—now anchored by successive lower highs from $0.16 in late 2022 to $0.11 in late 2023—finally giving way. Since then, DOGE has recorded higher highs in April at $0.22 and in December 2024 at $0.48. Friday’s close printed at a specific level, still below the psychological $0.20 threshold but fractionally above the dotted secondary resistance that has defined the wedge’s upper boundary since mid-2022. Kaleo’s overlay projects the 2020 breakout trajectory forward in time, mapping a near-vertical thrust from the present area to roughly $0.55, a brief consolidation, and a continuation leg that tops close to $3.50.

While this upper target hasn’t ever been printed in DOGE’s history, the analyst’s replica path underscores how little overhead structure exists once price escapes the wedge. A key role in the chart are playing the two vertical dashed lines labeled “BTC Halving”: 12 May 2020 and 21 April 2024. In Kaleo’s read, Dogecoin’s macro reversals are synchronized with Bitcoin’s quadrennial supply shock, implying that the breakout could be a post-halving echo of the 2020 move. Price construction within the wedge also mirrors the earlier cycle: successive lower highs and higher lows compress volatility until an impulsive weekly bar pierces resistance. The horizontal line intersecting the new breakout—will be the first major test of post-wedge momentum. Below, the lower dashed boundary intersects in the region between $0.10 and $0.09; a weekly close beneath that floor would invalidate the fractal.

Kaleo distills the setup into a single line: “Dogecoin under 20 cents is free.” On the chart’s scale, the red quote-box at a specific level sits a hair’s breadth under the $0.20 psychological band, reinforcing the idea that the risk-to-reward profile remains asymmetric so long as price stays below that number. Whether history rhymes as precisely as the analyst’s fractal suggests will hinge on broader market liquidity and Bitcoin’s dominance, but from a purely structural perspective the meme-coin has already checked the same boxes it did four years ago. And the US Federal Reserve money printer hasn’t even started roaring again.

Dogecoin concluded June 2025 with notable losses, extending a historical pattern observed over multiple years. Analysis indicates that June frequently presents a challenging period for the cryptocurrency, with seven out of the past several years recording varying degrees of decline during that month. This trend contributed to speculation surrounding a potentially bearish start for July 2025.

Market dynamics showed Dogecoin struggling as a shift in trader behavior occurred in early July 2025. Traders were observed pulling capital out of certain cryptocurrency assets, affecting Dogecoin more significantly than major counterparts like Bitcoin and Ethereum, which maintained relative strength. This outflow was interpreted as speculative capital moving away from the broader crypto market, impacting Dogecoin amid this transition.

Despite the June performance and broader market shifts, Dogecoin exhibited technical resilience around the start of July 2025. The cryptocurrency formed a significant chart pattern known as a 'double bottom' near a specific support level. This pattern development was followed by an immediate gain exceeding 2%, suggesting a potential technical rebound was underway.