Dogecoin Price Breakout To $0.5 Confirmed If It Breaks This Channel Resistance | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Despite its current trading range between $0.22 and $0.23 in the past 48 hours, Dogecoin is still on a noticeable recovery from its April low near $0.13 on a larger time frame. Interestingly, technical analysis of a larger timeframe, particularly the 1-day candlestick chart, shows that the steady climb has positioned Dogecoin at the upper boundary of a descending channel that has defined its price action since December 2024

Price movement within this structure has been characterized by consistently lower highs and lower lows. However, recent activity indicates increasing bullish pressure, with Dogecoin now attempting to break through the overhead resistance

Channel Breakout Could Trigger Unstoppable Pump

According to crypto analyst MMBTrader, who posted his Dogecoin take on the TradingView platform, Dogecoin is on the verge of a significant breakout that could trigger an unstoppable pump if price action successfully clears the descending channel resistance

Related Reading: Can Dogecoin Price Reach $0.7 Again? What The Volume Trend SaysThe annotated daily candlestick timeframe chart shared with the analysis suggests that once Dogecoin clears the upper trendline of the descending channel, heavy upside momentum could drive it toward the $0.3 price zone. This level, previously a major support between December 19, 2024, and January 2, 2025, could now act as a critical resistance moving forward.

Source: MMBTrader on TradingviewHowever, the most important level to break for new all-time highs is at $0.4. Breaking above $0.4 with momentum would not only confirm the bullish reversal but could also confirm the rally toward higher targets at $0.75 and even $1 in the longer term.

Breakout Above $0.27 Is Ultimate Confirmation

Keeping the descending channel structure in mind with current Dogecoin price levels, any confirmed breakout above $0.27 would serve as a strong bullish signal. The importance of the $0.27 price level was also noted by crypto analyst MMBTrader.

Related Reading: Dogecoin SuperCycle 2 Loading: Why A Repeat Of SuperCycle 1 Will Take Price Above $10If Dogecoin manages to close a daily candle above $0.27 with solid volume backing the move, it would signal a clean break above the channel’s resistance and invalidate the broader downtrend that has weighed on the meme coin’s price since its multi-year high of $0.48 in December 2024.

Such a breakout would not only mark the end of months-long consolidation but could also open the door for rapid upside momentum. However, until that breakout materializes, Dogecoin is still at risk of rejecting downwards again at the resistance trendline. On the other hand, the analyst highlighted the $0.205 and $0.180 zones as the closest support levels

A breakdown below these levels would delay the bullish setup but wouldn’t necessarily invalidate it unless Dogecoin falls back into deeper consolidation below $0.13. Until then, the bullish push towards the upper trendline is still in play, and a confirmed breakout will make DOGEUSDT pump non-stop.

At the time of writing, Dogecoin is trading at $0.224, down by 1.4% in the past 24 hours.

DOGE trading at $0.22 on the 1D chart | Source: DOGEUSDT on Tradingview.comFeatured image from Getty Images, chart from Tradingview.com Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.