- Dogecoin forms consistent higher lows after breaking a multi-year trendline, targeting a potential 260% rally to $0.6533.
- After consolidating between $0.12 and $0.20, DOGE’s post-breakout structure suggests bulls are preparing for a major upward move.
- With $0.48 and $0.73 as key resistance, DOGE could surge over 600% to $1.25 if momentum holds and accumulation continues.
Dogecoin (DOGE) shows strong bullish momentum after breaking a multi-year descending trendline. The memecoin, which once peaked at $0.73 in May 2021, has reclaimed a key uptrend structure. After months of consolidation, DOGE is now forming higher lows, signaling sustained buyer interest. Besides, this setup supports a bullish continuation, with the next major target sitting at $0.6533. This represents a possible 260% move from current price levels. Moreover, analysts now see $1.25 as a long-term possibility if this uptrend sustains. That level sits over 600% above today’s price, offering upside potential.
Breakout Confirms End of Multi-Year Bear Cycle
DOGE traded in a prolonged downtrend from mid-2021 through late 2022. Prices respected a clear descending trendline during this period. Every rally attempt failed to break above this resistance until early 2024. Consequently, the breakout above the multi-year trendline marked a critical shift in structure.
Source: Javon Marks
In late 2022, Dogecoin hit a major low near $0.049. This level served as strong support during a period of market-wide capitulation. The FTX collapse and related fallout impacted nearly all crypto assets. However, DOGE held firm and began to form a base.
In Q1 2024, price surged to $0.48. That rally saw increased volume and institutional interest. Moreover, it confirmed a technical reversal from the prior bear market cycle. Since then, Dogecoin has consolidated between $0.12 and $0.20. Significantly, it has continued forming higher lows—an essential trait of strong bullish trends.
$1.25 Now in Sight Amid Post-Breakout Consolidation
Currently, DOGE trades within a defined accumulation zone. Key technical levels at $0.48 and $0.73 frame the next resistance areas. However, the continuation of higher lows suggests that bulls remain in control.
Additionally, the overall market sentiment has changed. Many altcoins are seeing similar long-term recovery structures. For DOGE, the next breakout could push prices above $0.6533. If momentum continues, a rally to $1.25 may follow.
