Dogecoin (DOGE) Faces Crucial Test at Channel Top – Breakout Will Spark Rally to New Yearly Highs

Dogecoin is approaching a critical technical level that, if broken, could propel it to fresh highs for the year and beyond, according to analysts. DOGE maintaining its recent ‘buy the dip’ momentum could be the key.

DOGE Tests Top of Descending Channel

As Rekt Capital’s chart notes, DOGE has been trading in a descending channel since October last year. Attempts to break out have failed, with DOGE closing back within the channel after brief rebounds.

Now, after buyers stepped in around $0.05 again, DOGE is retesting resistance at the channel top around $0.07. Sustaining above this point is critical.

Breaking Channel Resistance Could Unlock Upside

If the ‘buy the dip’ behavior can push DOGE decisively above the descending channel resistance, it would mark a notable technical breakout, according to Rekt Capital.

Previous closes below the channel top were followed by further downside. But a sustained break above $0.07 could signal a trend change and upside ahead.

Path to $1 in Sight

Analyst Muneeb also sees DOGE in an accumulation phase, noting monthly support and a ‘long wick to upside’ that will likely get filled. He sees DOGE reaching $1 by 2024-2025.

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In summary, DOGE appears poised for a potential breakout. If the channel top is broken, DOGE could surge to new 2023 highs and beyond, with a path to $1 now in sight.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.