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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Dogecoin Price Closes In On Major Trendline For Breakout To $1

Scott Matherson
Scott Matherson
3 months ago
4 mins read
Dogecoin

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The Dogecoin price is closing in on a critical technical trendline that could ignite its next major rally. After months of downward pressure, analysts are eyeing a possible breakout toward the long-awaited $1 target. 

$1 Dogecoin Price Target Closer Than Ever 

Crypto analyst Master Kenobi believes that the Dogecoin price could reach the highly coveted $1 target before the end of this market cycle. Based on his technical analysis, DOGE is once again mirroring a historical breakout pattern that previously led to an explosive surge in price. 

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The analyst shared a Dogecoin price chart with two main sections highlighted. The first green box, between September to November 2024, shows a historical breakout that occurred after the meme coin broke above a critical descending trendline. Following this breakout, the price surged significantly over the next 55 days. 

Notably, the descending trendline has acted as a strong resistance for months. However, with Dogecoin’s momentum currently building, Master Kenobi believes that a strong breakout is imminent. 

Looking at DGOE’s price action, it appears the same conditions for its previous breakout are forming again. Master Kenobi’s technical analysis suggests that a breakout above the current descending resistance line could spark a similar rally, one that could potentially take Dogecoin from its current price of $0.158 to $0.9 or even $1. Such a move would represent a staggering gain of approximately 533%. 

DOGE is now trading at $0.15. Chart: TradingView

Similar to past trends, Dogecoin’s current chart indicates a projected 55-day move following the breakout, with the green arrow and shaded box indicating a path to the conservative $0.9 target. This would place Dogecoin’s target window during the first few weeks of June, aligning closely with historical timelines from the last major breakout. 

Adding to the optimism, Dogecoin’s Relative Strength Index (RSI) currently sits around 43.35 — a level typically considered a neutral to oversold zone. The current descending resistance line has already been tested multiple times, meaning a clean daily close above it could spark Dogecoin’s next major rally. 

Dogecoin RSI Shifts From Bearish To Bullish

Dogecoin is showing promising signs of a bullish reversal after a key breakout of a technical pattern on the 4-hour chart.  According to a recent chart analysis by crypto analyst Trader Tardigrade, Dogecoin has exited a Falling Wedge formation and is preparing for an uptrend continuation. The breakout was confirmed as the RSI crossed above the 50 level, signaling a shift from bearish to bullish sentiment among traders.

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Before the Falling Wedge breakout, Dogecoin had been trading in a downward channel, characterized by lower highs and lower lows. This pattern often precedes an upward price movement, and Dogecoin seems to be following through with this trend. As a result, the analysis suggests that Dogecoin could push toward stronger resistance levels in the short term.

Featured image from Pexels, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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