Dogecoin’s Next Rally Hinges on This Make-or-Break Trendline
Dogecoin’s price is primed for another surge as demand spikes—but don’t pop the champagne just yet. A critical trendline stands between the meme coin and its next leg up.
The Bull Case:
Retail and institutional interest is flooding back into DOGE, with trading volumes ticking up like a caffeine-fueled algo. The coin’s liquidity and social dominance suggest this isn’t just another pump-and-dump spectacle (though let’s be real—Wall Street does worse every Tuesday).
The Catch:
That pesky trendline from the 2024 highs has become the ultimate party bouncer. Break it, and DOGE could moon toward its next psychological target. Fail, and we’re back to watching Elon tweets for dopamine hits.
Either way, buckle up. In crypto, even the ’joke’ assets move faster than your average hedge fund’s risk management team.
Bullish Momentum Is Still Forming For Dogecoin Price
While the current crypto market headwinds have turned bearish, there could still be some hope for the Dogecoin price. As a crypto analyst shows in a TradingView post, there are still some levels where the dogecoin price is seeing demand. This shines through in the 960-minute chart, which has become the main point of focus.
According to the analyst, there is a lot of strong demand showing up for Dogecoin at this level. This demand has not waned and has instead waxed stronger as the market has tumbled and the Dogecoin price has followed suit. Moving forward, the analyst explains that even if the price does go lower from here, then there is still strong demand for DOGE at this level.
With this demand building up, the dogecoin price has moved toward retesting the recent breakout level. This is the area above $0.22 where the Dogecoin price began its last move upward. A successful retest and break of this level could confirm a bullish continuation for the price.
However, there is still a lot of pressure from bears who have already pushed Doge back below $0.22 at the time of this writing. Thus, the next support zone has now moved to $0.2073, as the analyst highlights in the post. In addition to this, there is also a descending trend line resistance that is being tested by the meme coin.
The importance of this descending trend line resistance cannot be overstated as it acts as a make or break level for the price. A break above WOULD be bullish and price would move upward. But a break below this trend line and invalidating the support at $0.2073 could be catastrophic for the price.
Another development that suggests bullish momentum is on the 60-minute chart. Here, the crypto analyst points out the formation of a reverse headed and shoulders pattern. This pattern is historically bullish for the Dogecon price. But it is still important that the cryptocurrency does break out of the trend line before there can be a continuation of the bullish trend which began last week.
