Dogecoin (DOGE) is showing signs of a potential breakout, with key resistance levels in focus. Crypto analyst CW (@CW8900) suggests that DOGE is pushing past the first major sell wall and could be on track for a rally.
Moreover, if the breakout continues, the short-term price target stands at $0.70, where another sell wall awaits. Market dynamics and historical accumulation zones support this potential move, though DOGE must clear critical resistance points to sustain upward momentum.
DOGE’s current price action suggests a breakout from a falling wedge pattern, a structure known for signaling bullish reversals. The 1D timeframe analysis shared by CW highlights a series of lower highs and lower lows, indicating price compression. As the wedge converges, a breakout scenario gains credibility.
$DOGE is breaking the first sell wall. And if it breaks that, the next is the upper line of the convergence.
— CW (@CW8900) February 12, 2025
The rally may have already started. And the short term target is $0.7, where the sell wall is.
After a slight correction from that sell wall, the real bull market will… pic.twitter.com/M0qWL3kPxf
The lower boundary of this pattern has acted as strong support, with multiple retests confirming buying interest. Recent price action aligns with historical accumulation zones, suggesting that institutional and retail buyers are stepping in. If DOGE successfully breaks the upper convergence trendline, the price could move toward key resistance levels.
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Key Dogecoin Price Levels to Watch
Dogecoin’s price movement is shaped by distinct support and resistance levels that dictate market direction. The support range between $0.10 and $0.12 has historically been an accumulation zone, fostering previous rallies, while $0.20 serves as a psychological benchmark, previously acting as interim support.
On the resistance side, the first hurdle lies between $0.30 and $0.35, identified by CW as a critical sell wall where traders may offload positions. The next major barrier is positioned between $0.60 and $0.70, coinciding with historical supply zones and marking CW’s projected short-term price target.
If DOGE surpasses this range, momentum could drive prices beyond $0.75, opening the door to further bullish advances. CW’s analysis also considers volume trends, which play a crucial role in confirming breakouts. A recent spike in trading volume supports the bullish case.
A sustained above-average volume would further validate DOGE’s potential upward movement. Additionally, the price action suggests a curved breakout trajectory, which could lead to parabolic gains if momentum holds.
Read also: This Chart Pattern Signals an XRP Price Rally to $15
Short-Term Outlook for DOGE
DOGE’s immediate challenge is breaking past the $0.30 – $0.35 resistance zone. If successful, the rally could extend to $0.70, as CW predicts. However, a temporary correction from that level is likely before DOGE enters a more sustained bullish phase.
Currently, Dogecoin trades at $0.2555, reflecting a 1.74% increase in the last day and a 0.35% decline over the past week, according to CoinGecko. The next few days will be crucial in determining whether DOGE can maintain upward momentum and confirm its breakout potential.
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