- DOGE forms a falling wedge near $0.227, signaling potential breakout toward $1 in coming weeks.
- Open interest rises to $2.71B as traders eye $0.2349 resistance to confirm bullish momentum.
- Inverted head and shoulders pattern targets $0.70, with market cap nearing $105B if achieved.
Dogecoin (DOGE) is showing signs of a strong breakout and could be gearing up for a major price surge. Technical patterns and market activity suggest $1 is a key target in the coming weeks. Analysts point to recurring chart formations and growing trader interest fueling the momentum.
Technical Patterns Point to Potential Breakout
According to crypto analyst Surf on X, Dogecoin’s weekly chart reveals a falling wedge pattern. This pattern has historically preceded large price spikes for DOGE, with similar formations appearing in 2016 and 2018-2020. Currently, DOGE is testing the upper boundary of the wedge near $0.227, indicating a possible breakout soon.
Trader Tardigrade also noted on X that Dogecoin’s recent rally could push it past its previous high of $0.73 and toward $1. He said DOGE is “ready to take off” as the “launch pad has been built.” Another analyst, Akbar Karimzsfeh, emphasized that breaking the $0.49 resistance is crucial for further gains.
Despite this, he advised caution given meme coins’ historical volatility. The pattern repeats suggest that DOGE could experience a parabolic move, especially if broader market conditions favor altcoins in the second half of 2025.
Market Activity and Derivatives Data Support Momentum
Dogecoin is currently consolidating between $0.2177 and $0.25, with a potential double bottom reversal forming. The $0.2302 resistance serves as the neckline for this pattern. Indicators such as MACD show a possible bullish crossover, but the Supertrend still signals a bearish trend until $0.2349 is surpassed.
DOGE’s open interest has risen by 2.89% to $2.71 billion, signaling increased trader activity. However, liquidations in the past 24 hours indicate more long positions were closed, totaling $4.51 million, compared to $1.41 million in short liquidations.
The long-to-short ratio is improving, now at 0.945, which reflects growing bullish sentiment. Bitcoinsensus on X noted that DOGE has formed an inverted head and shoulders pattern targeting $0.70. If achieved, this would push Dogecoin’s market cap near $105 billion.
