Dogecoin (DOGE) Price Breaks Key Resistance, Targeting 318% Increase to $0.6533

Dogecoin (DOGE) price continues to show strong bullish momentum, with analysts pointing to a potential meme coin rally.

Dogecoin (CRYPTO: DOGE) price continues to show strong bullish momentum, as analysts highlight a potential meme coin rally and breakout. After breaking above a key resistance trendline, Dogecoin remains positioned for further gains, with the breakout target suggesting a 318% increase.

Technical indicators, Elliott Wave structures, and trading volume trends support the possibility of an extended upward move in Dogecoin.

Dogecoin Price Breaks Key Resistance

Dogecoin price has surged 129% since breaking through a critical resistance trendline at $0.3972, signaling a shift in market dynamics. The formation of higher lows suggests a potential continuation of the uptrend, with price action suggesting an early expansion phase. Technical analysis reveals a well-defined breakout structure that aligns with historical price movements.

Elliott Wave Theory on the chart suggests that DOGE price may be in the middle of a bullish impulse wave. The large volume spikes at pivotal breakout points confirm increased market participation, reinforcing the likelihood of sustained upward movement. Additionally, the market structure indicates that the top meme coin price is following a bullish wave pattern, forming a series of higher highs and higher lows. A curved trendline on the chart suggests that the Dogecoin has transitioned from a prolonged correction phase into a breakout phase.

Fibonacci extension levels and historical resistance points indicate that DOGE could reach the projected breakout target of $0.6533. If this pattern holds, the top meme coin price may see further increases as momentum builds. At press time, the cryptocurrency is trading at $0.1578.

Dogecoin: Chart via TradingView

Identifies a Buy Signal

Meanwhile, analyst Ali Martinez has identified a potential rebound in Dogecoin price using the TD Sequential indicator. The indicator has now flashed a buy signal on the daily chart, which traders often use to identify trend reversals. This development comes after a period of bearish candles, suggesting that DOGE may be entering a recovery phase.

Martinez’s analysis highlights a green nine setting up on the latest price candle, which could return bullish momentum. If DOGE sustains buying pressure, the price may move toward higher resistance levels.

Key Levels to Monitor

Dogecoin price remains in a strong position following the breakout, with support levels holding above key zones. The formation of higher lows suggests that buyers are maintaining control, reinforcing the possibility of further gains.

Resistance levels remain critical for confirming the next phase of the rally. The primary breakout target of $0.6533 remains in focus, with Fibonacci extension levels providing additional reference points. If DOGE maintains its current trajectory, the price could continue to climb, converging with the projected breakout target.

Another analyst recently provided a more optimistic approach, predicting the meme coin price could reach $90 by the end of 2025. Crypto analyst DOGECAPITAL highlighted that this parabolic rally would occur in phase 3 of DOGE’s bull run, beginning in January 2024, and would be fueled by meme stocks and meme coins.