Dogecoin, the original meme coin, is showing renewed strength after weeks of sideways trading. The price has jumped 3.1% to $0.2014, pushing through a key descending trendline that had been holding back gains throughout most of October.
DOGE Price Action: Escaping the Wedge
Trader Crypto Candy notes that "DOGE is heating up, trying to break out and rebound," with a realistic short-term target of 20–30% gains and an ambitious midterm goal of $1.00. The chart backs up this bullish outlook, showing what appears to be a textbook falling wedge escape—one of the most reliable reversal patterns in technical analysis.

Looking at the 8-hour Binance chart, Dogecoin has been trapped in a narrowing descending wedge since late September. After multiple failed attempts to push lower, the price finally pierced through the wedge resistance, hinting at a potential shift in momentum. Right now, DOGE is trading at $0.2014, up 3.10%. The immediate resistance sits at $0.2194, with a major hurdle at $0.2699. On the downside, support is clustered around $0.1795–$0.1810, marked in green on the chart. The surge candle near $0.2015 shows stronger buying activity, and volume is starting to pick up. If bulls can keep the price above that green support zone, DOGE could realistically aim for $0.22–$0.27, matching the 20–30% upside that traders are talking about.
Chart Analysis: Signs of a Bullish Reversal
The falling wedge is a classic pattern where two converging trendlines squeeze the price until it explodes upward. It usually signals that selling pressure is drying up and a reversal is coming. In this case, the red descending line shows how DOGE has been making lower highs since early October, while the green support zone is where buyers kept showing up to defend the price. Now DOGE is testing the top of that wedge, trying to confirm the move upward. A solid close above $0.2020 on the daily or 8-hour timeframe would seal the deal, potentially opening the door for a quick move to $0.22, then $0.25–$0.27.
Several factors are lining up in DOGE's favor right now. Bitcoin's stabilization above $60,000 has brought back some confidence across the altcoin market, especially for speculative assets like Dogecoin and Shiba Inu. There's also a noticeable uptick in meme coin activity on social media, which often happens right before these tokens go on a run. Technically, the wedge surge is a strong bullish signal that suggests the recent downtrend might be over. And let's not forget Dogecoin's massive retail community, which remains highly engaged. The "$1 Dogecoin" narrative never really went away, and it's picking up steam again.
In the short term, if this momentum holds, DOGE could climb toward $0.22–$0.25, which lines up with the 20–30% gain that Crypto Candy mentioned. The mid-term target of $1.00 is obviously a much bigger ask and would need a full-blown bull market plus serious retail hype, but the current technical setup at least gives bulls something solid to work with. On the flip side, if DOGE drops below $0.1795, the bullish pattern falls apart and we'd probably see more choppy sideways action.