Peter Smith
Dogecoin has never been shy about wild price swings, and the latest chart action hints that another one could be brewing. After weeks of sideways movement, DOGE has circled back to its long-term weekly support trendline—the same spot that's launched multiple rallies in the past.
Chart Analysis: Support Trendline in Focus
Trader Trader Tardigrade points out that this familiar pattern could trigger another "explosive pump," with the current setup mirroring previous breakout moments almost beat for beat.
The weekly chart reveals a pattern that's played out before:
- Support Trendline: DOGE keeps bouncing off an ascending blue line, with brief dips below quickly reversing into upward moves.
- Historical Pattern: Previous drops below this level in 2023 and 2024 led to strong rallies, proving the trendline's role as reliable support.
- Current Setup: The latest "brief breakdown" looks nearly identical to earlier ones, hinting at another potential rebound.
- Upside Targets: The dotted resistance line projects long-term targets around $1.00–$1.20 if DOGE follows its historical path.
Why DOGE Could Rally
Several factors might fuel momentum if the bounce materializes. The broader crypto market is showing signs of recovery, lifting meme coins across the board. Dogecoin's passionate community remains a powerful force, often turning rallies viral through social media buzz. The coin stays highly reactive to news and celebrity endorsements, which could serve as catalysts. Plus, the repeating pattern of dips and bounces is building technical confidence among traders who've seen this movie before.
The chart leans bullish, but nothing's guaranteed. If the trendline holds, DOGE could target $0.30 and $0.40 short-term, with a possible run toward $1.00 if momentum catches fire. On the flip side, losing support might push prices back to the $0.15–$0.18 zone. There's also the possibility of more sideways chop if no strong catalyst emerges.
Peter Smith
