Dogecoin (DOGE) is showing signs of recovery as it tries to break out of the current situation bearish trend. However, a crypto analyst had identified a significant roadblock at $0.15 that could determine the meme coin’s next move. If Dogecoin can decisively break through this resistance, the price could move toward a more bullish target, signaling a possible shift in market momentum, according to the analyst.
Dogecoin is facing major resistance at $0.15
Dogecoin is now attracting new attention as technical indicators suggest the meme coin may be preparing for a directional move after months of downward pressure. A recent analysis shared by pseudonymous market expert ‘World of Charts’ on X contours an evolving breakout structure that could define Dogecoin’s bullish trajectory.
Related reading
According to the expert, Dogecoin is trading near a key price area that poses a major barrier to further upward movement. The daily chart shows that the meme coin is trending lower since its record high at the end of 2024with a series of lower highs and lower lows dominating the price action. This decline eventually slowed when DOGE entered a narrow consolidation scope near the $0.122 level, marked on the chart with a blue horizontal box.
In its analysis, World of Charts highlighted the blue horizontal zone as an important level to watch. He noted that after Dogecoin breaks out of the horizontal box, he expects it to move above the $0.122 resistance area. Once this happens, he has stated that the meme coin is likely to start a move towards the next resistance zone between $0.15 and $0.16.
As mentioned earlier, the price range between $0.15 and $0.16 is identified as a major barrier. If Dogecoin breaks through this area, it could be a trigger stronger upward momentum. Currently, the meme coin has crossed the $1.22 mark and is trading above $1.25. Maintaining a position above this level could be key reverse the long-term downward trend.
Dogecoin setup reflects bullish past cycle patterns
In a separate analysis, Bitcoinsensus did just that issued a bullish forecast for Dogecoin, highlighting a recurring pattern on the price chart. According to the X message, The current price action of Dogecoin is reflects a historical pattern That preceded massive rallies during the 2014-2017 and 2018-2021 market cycles.
Related reading
The pattern begins with an extended consolidation or accumulation phase followed by a sharp parabolic breakout to the upside. During the 2014-2017 cycle, Dogecoin posted a massive gain of 5,858.67%, while the 2018-2021 cycle followed a similar trajectory, with prices rising by over 21,457.13%.
With this pattern now playing out in the current cycle, Bitcoinsensus predicts that Dogecoin will be on the cusp of an equally powerful rally. The projection estimates a potential gain of 3,146.88%, suggesting a possible upside from $0.125 to over $3.
Featured image from iStock, chart from Tradingview.com