The past week has been incredibly profitable for the crypto markets, with Dogecoin leading the way with a 40% upswing. This breakout not only broke through a long-standing resistance pattern but also propelled the popular memecoin into a massive bullish range. As we look ahead, a couple of technical indicators for DOGE price are pointing towards a potential 200% upswing in the next few weeks.
After the recent breakout, Dogecoin has entered a mark-up phase on the weekly chart, signaling plenty of room for continued upward movement before encountering major resistance levels. The DOGE/BTC pair is also showing a bullish pattern, similar to what was seen before the 2021 breakout that led to a spike of over 30,000%. If history repeats itself, we could see a new all-time high well above the current levels.
In the coming days, as Bitcoin price surges, we may see a slight drop in the DOGE/BTC pair, indicating the increasing strength of Dogecoin compared to Bitcoin. While Bitcoin is expected to trade sideways, Dogecoin and other altcoins could remain elevated for several weeks. The question on everyone’s mind is whether Dogecoin will be able to reach the key resistance level at $0.75 before the end of the month.
Looking at the weekly chart, DOGE price is on an incremental trajectory within an expanding channel after breaking out from an ascending triangle. The MACD and BMSB indicators are showing a decrease in selling pressure and a potential bullish crossover, similar to past instances that resulted in significant price increases. With these technical indicators in place, we could see Dogecoin price rise by over 260% and reach a new all-time high.
The path to $1 for Dogecoin may have a few bumps along the way, with a potential pullback before reaching that milestone. However, as long as the price remains above $0.22, short-term targets at $0.35 and long-term targets at $0.75 are within reach. Ultimately, a new all-time high around $0.85 could be on the horizon for Dogecoin.
While the timeline for reaching $1 may be delayed slightly, the target for Q2 2025 remains unchanged. Dogecoin’s recent breakout and bullish momentum suggest that exciting times are ahead for this memecoin in the crypto markets.