Dogecoin (DOGE) May Soon Breach Its Previous All-Time High as Momentum Builds

output:input: BTC (Bitcoin) may soon breach its previous all-time high as momentum builds. Analysts observe a strong setup, hinting at an imminent breakout.

Dogecoin (CRYPTO: DOGE) may soon breach its previous all-time high as momentum builds and analysts spot a strong setup.

What Happened: Dogecoin has been consolidating but current market conditions suggest the cryptocurrency could soon break out and make a new all-time high.

Dogecoin is currently trading at $0.1543 and down 1.48% over the last 24 hours.

The cryptocurrency has been forming a symmetrical triangle, a pattern that usually indicates a big move is coming. The price has bounced off of the lower support of the triangle.

There is also optimism to be found in the futures market, where open interest has risen above $1.54 billion, showing investors are interested in the cryptocurrency.

Dogecoin Is Retesting Key Level: Technical Analyst

Technical analyst Chris mentioned in a recent post that an ascending rising channel had formed from DOGE's October 2023 low of $0.056.

The channel had touched higher highs of $0.229 in March 2024 and $0.484 in December 2024 and higher lows of $0.77 in February 2024 and $0.8 in August 2024, showing a well-defined upward pattern.

Chris said a retest of the $0.13 level precisely on the lower trendline coincided with the weekly Stochastic RSI turning higher. The Ichimoku cloud above $0.22 had also become support.

His prediction mapped out a near-parabolic trajectory potentially reaching $1.10 by late summer of 2025, indicating long-term bullishness.

Examining the one-day chart, Olivier spotted a declining regression channel from the November 2024 peak of $0.484. Additionally, a rounded base pattern projects a breakout window between May 5 and June 29, 2025, which aligns with the anticipation of a significant move.

Analyst Predicts DOGE Rally to $5.60:

The nearest support price is $0.1533. If DOGE fails to break above this level, it could return to $0.13. However, breaking above $0.2175 would negate the descending channel and mark the coin's first key higher high in several weeks.

This price point could be crucial for DOGE to escape its downtrend and transition into a continuous uptrend.

Despite trading 78.71% below its all-time high of $0.7376, Dogecoin continues to inspire bold outlooks. Analyst Dogegod predicts a rally to $5.60, highlighting a falling wedge breakout.

While details regarding the breakout and its implications are limited, the overall optimism aligns with market confidence, further indicated by analyst Ali Martinez's near-term price target of $0.29.

The market activity provides evidence of the increasing momentum. Trading volume rose by 6% to reach $586 million, indicating greater participation from traders.

Additionally, considering altcoin demand for an ETF, asset manager 21Shares recently filed for a spot Dogecoin ETF. Approval could attract institutional flows and fuel DOGE's growth.