Dogecoin Breaks Out: Is the Meme Coin Gearing Up for a Run Past $0.31?

Dogecoin’s chart flashes bullish signals—traders are eyeing a potential surge beyond the $0.31 threshold. Could this be the start of another meme-fueled frenzy?

Technical indicators suggest momentum is building, with key resistance levels cracking under pressure. Retail traders pile in, while institutional players scoff—because nothing says ’serious investment’ like a Shiba Inu mascot.

If the pattern holds, DOGE might just laugh its way to the next price milestone. Or crash spectacularly. Welcome to crypto.

TLDR

• Dogecoin has broken out of a bullish pennant pattern, signaling a potential 29% price rally.
• The current breakout places Dogecoin above the $0.24 mark, with the next target at the 1.414 Fibonacci level of $0.31.
• Analysts have identified the $0.25 to $0.26 range as a major resistance zone that Dogecoin must surpass.
• Since its April low of $0.13, the coin has recorded higher highs and lower lows, confirming a strong upward trend.
• Increased whale activity and growing network engagement continue to support Dogecoin’s bullish momentum.

Dogecoin (DOGE) has broken a key technical pattern and is now targeting a 29% rally toward $0.31, analysts confirm. Market experts observed a bullish pennant breakout, which signals continuation in its recent upward trajectory. The breakout indicates increasing momentum and suggests further gains if current resistance levels are cleared.

DOGE Eyes a 3-Month Price High

Dogecoin surged past $0.23 and is now trading above $0.24, confirming a breakout from a bullish pennant pattern. This pattern, active since May 11, showed consistently lower highs and lower lows before the breakout. Analysts expect Dogecoin to climb toward the 1.414 Fibonacci level at $0.31 with this move.

The breakout marked a decisive MOVE beyond the pennant’s upper trendline, strengthening the case for a sustained bullish trend. Market analyst Ali Martinez identified the pattern and shared projections based on the breakout momentum. The 29% target increase from the current price aligns with historical resistance points and Fibonacci indicators.

#Dogecoin $DOGE appears to be breaking out of a bull pennant, which suggests a target of $0.31! pic.twitter.com/Hbzuwd7Akk

— Ali (@ali_charts) May 22, 2025

However, dogecoin still faces resistance between $0.25 and $0.26, which previously limited bullish continuation. Breaking this supply zone could unlock stronger upward moves and support a new rally. Therefore, analysts focus on whether Dogecoin can maintain momentum and clear this crucial resistance.

Analysis Confirms Dogecoin’s Bullishness

Other market commentators have confirmed the bullish setup on Dogecoin’s charts, especially on the larger timeframes. A recent analysis showed higher highs and higher lows forming since April, when Dogecoin bottomed out at $0.13. The structure supports the view of continued upward movement and stronger market confidence.

Chad, a market watcher, projected the next Dogecoin target at the 0.618 Fibonacci level, situated around $0.26. He also highlighted a longer-term target at $0.41, based on Fibonacci retracement zones. Further projections suggest Dogecoin may rise to $0.74, which marks a 207% gain from its current level.

$DOGE weekly chart doesn’t look bearish to me. pic.twitter.com/FOP1kEKZ3t

— chad. (@chad_ventures) May 22, 2025

This trend is further supported by increased activity across Dogecoin’s network and renewed interest from large holders. Data shows stronger transaction volumes and more active addresses over the past week. These developments help validate the ongoing bullish case built around price action and market strength.

Whale Activity and Long-Term Potential

Whale accumulation has intensified, contributing to the recent bullish sentiment surrounding Dogecoin and its sustained price increase. Significant wallet movements and concentrated buying suggest long-term confidence in the token’s performance. This behavior often signals strong conviction and provides a support LAYER during price rallies.

Recent activity aligns with a broader market trend, as Bitcoin’s upward movement positively influences altcoins like Dogecoin. As Bitcoin reaches new levels, Dogecoin benefits from increased liquidity and exposure. This correlation strengthens the possibility of DOGE achieving higher price targets.

Analysts also pointed to a six-month pattern resembling previous cycles, potentially driving Dogecoin toward new all-time highs. One analysis suggests a target of $6 based on recurring technical formations.