Can Dogecoin (DOGE) Break Out of Its Current Struggles?

Dogecoin (DOGE), currently priced at $0.17, has been on a rollercoaster ride, struggling to break key resistance levels while dealing with significant bearish market sentiment.

Dogecoin (DOGE) has been struggling to break out of a tight range, despite a few attempts to do so. The meme coin is currently trading at $0.17, down 3.41% in the last 24 hours, and it has been facing strong selling pressure whenever it tries to move higher.

Several analysts are optimistic that Dogecoin could see a significant breakout soon, which could lead to a price surge of up to 16%. They are also keeping an eye on a few key technical levels that could provide clues about the meme coin's future price trajectory.

Here’s a closer look at what analysts are saying about Dogecoin and where the coin could be headed next.

Dogecoin Is Raring To Go As It Breaks Out Of Falling Wedge Pattern

According to a recent post by crypto analyst Carl Runefelt, Dogecoin is currently in the process of breaking out from a falling wedge pattern, which is a bullish technical setup.

This pattern suggests that the market has been in a prolonged downtrend but is now nearing a reversal. As the price converges toward the apex of the wedge, the likelihood of a breakout increases, which could trigger a price rally, especially if broader market conditions stabilize.

Dogecoin price prediction is currently focused on the potential for a breakout, signaling positive sentiment toward the Dogecoin rise.

"If breaks $0.20. Next target $0.43.

Dogecoin is forming a bullish pattern that could lead to a significant breakout, potentially taking the Dogecoin value up to $0.43.

The cryptocurrency has been struggling to break out of a tight range, but recent price action suggests that a breakout may be imminent. A decisive move above the $0.20 level could lead to a 16% price increase.

Dogecoin has broken through the falling wedge pattern and is now aiming for the 1.618 Fibonacci retracement level at $0.71

This would take Dogecoin to a new all-time high, but Runefelt believes that it is achievable if the bulls can maintain control.

Dogecoin Could See 16% Price Increase

Another crypto analyst, Ali Martinez, is tracking an ascending triangle pattern on Dogecoin's hourly chart.

According to Martinez, this pattern indicates that a bullish breakout may be pending, and it could lead to a 16% price increase from the previous high.

"Dogecoin is on the verge of breaking out. A close above the $0.16-$0.18 range could trigger a 16% price surge.

Dogecoin could break out of the symmetrical triangle, a close above $0.18 could trigger a 16% price surge. Source: Ali Martinez via X

This breakout could take Dogecoin as high as $0.20, which is the final resistance level before the bulls can attempt to reach $0.43.

The symmetrical triangle pattern shows that Dogecoin has been trading within a narrowing range, with higher lows forming as the price pushes upward. A breakout from this pattern could release pent-up buying pressure, leading to a surge toward $0.20 and beyond.

Institutions Are Pouring Money Into Dogecoin

In the midst of bearish trends in the general cryptocurrency market, with Bitcoin facing difficulties breaking through the $84,000 mark and other altcoins registering declines, Dogecoin is displaying resilience, managing a small price appreciation despite the setbacks.

While XRP and Solana have not performed well, experts are looking to Dogecoin as a probable candidate to lead any crypto market bounce back. The Dogecoin network is holding firm, picking up steam as a probable leader in the upcoming rally.

The latest figures have revealed that whales are amassing enormous amounts of DOGE, which is perpetuating speculation of an impending bull run.

According to DeFI Llama, institutional Dogecoin (IOG) holders, those holding between 100 million and 1 billion DOGE, have purchased another 80 million DOGE in the past few days.

This move signals an increase in confidence in the coin’s potential for a price explosion. In essence, this trend suggests that we might be witnessing the beginning of a Dogecoin ascension, with analysts predicting strong future performance for the meme coin.

Key Levels To Watch

For Dogecoin to continue its upward trend, analysts are monitoring a few important price levels.

The $0.20 level remains an important resistance level, and a breakout above this would be a good sign for further price growth.

Beyond that, the $0.43 level is a target if the bullish pressure continues to build. This makes the DOGE price prediction very bullish for a rise if the breakout occurs.

On the downside, the $0.15 level provides some support, and a breakdown below this level could open the door for a move lower.

The $0.10 level is a final key support level to watch out for.

Overall, Dogecoin is showing signs