Key Insights:
- DOGE price defended the $0.138 macro support and rebounded 38% from April’s low.
- Whale wallets added 100M DOGE this week, showing rising market accumulation.
- Analysts predict DOGE could hit $3.94 if the 1.618 Fibonacci pocket is reached.
Dogecoin (DOGE) price continued to draw market interest after rebounding strongly from its April lows. The meme coin price defended the $0.138 macro support level and has since gained over 38%, with on-chain metrics and technical structures reinforcing the possibility of a major upward continuation.
Analysts suggest a potential breakout could place DOGE price within range of its historic highs, and even chart a path toward $3.94, provided it crosses key resistance levels.
Dogecoin Price Forms Cup-and-Handle Pattern
According to a recent analysis by Trader Tardigrade, Dogecoin price formed a bullish Cup-with-Handle pattern on the 4-hour chart.
When accompanied by rising volume and strong fundamentals, this classic continuation setup is usually associated with bullish breakouts. The “cup” portion appears complete with price recovery from the $0.13 region up to $0.195.
However, the “handle” seems to be taking a break in a downward-trending channel, indicating a pause before a potential breakout. Meanwhile, if DOGE price breaks above this handler’s upper trendline around $0.19, the technical target would rise towards $0.22.
Analysts believe that a close above $0.22 could be a sign that long-term momentum may shift.
Bullish Macro Structure and 20x Target Projection
Another bullish perspective came from analyst Steph_iscrypto, who shared a long-term Dogecoin chart depicting a clear ascending channel. Based on this multi-year setup, DOGE price has been building toward a new expansion phase.
The meme coin recently rebounded off the lower trendline of the channel, hinting at a cyclical move toward the upper resistance band.
According to this structure, a long-term target of up to $3.94 is suggested, which matches the 1.618 Fibonacci extension rule based on the November 2022 swing low to the April 2024 high.
However, based on past bull cycle patterns, a 20x return for Dogecoin price puts the meme coin price within striking distance of its previous all-time high and beyond. But it would need to be confirmed by means of strong breakout volume and sustained investor demand in this scenario.
DOGE Needs to Reclaim $0.22 for Altseason Momentum
Cas Abbé emphasized that Dogecoin plays a key role as a market signal for broader altseason trends. Historically, DOGE price rallies have preceded major altcoin movements. In Q3 and Q4 2024, the token surged nearly 300%, which coincided with a mini-altseason.
Cas added that this type of effect must be initiated by a break above $0.22 for the current DOGE price cycle. The increased risk appetite in the altcoin market would likely coincide with this breakout. Until then, DOGE price is still in a critical accumulation phase with the $0.22 area serving as a point of trigger for the next phase of upside.
Whale Accumulation and Rising Market Confidence
The bullish case is still supported from on on-chain data. Institutional and long-term interest clearly rose in the past week, where whale wallets have accumulated over 100 million DOGE. This trend fits with the strength in the price of late and is in line with a trend of lower circulating supply on exchanges, which is typically a measure tied to higher price going forward.
Market confidence is also given by DOGE’s recent rebound from the support of $0.138. That turnaround is especially significant as the asset increased 38% from its April low after a multi-week downtrend. But, sustained buying pressure along with whale behavior indicate that the smart money is likely acquiring ahead of a breakout.
Dogecoin price appears poised for a breakout, supported by bullish technical structures, accelerating whale accumulation, and historical price cycles aligning at key resistance zones. The critical level to watch is $0.22, which the meme coin must overcome to confirm the upward move.
If that occurs, analysts see a mid-term target at $1.00, followed by an extended Fibonacci target near $3.94, completing what could become DOGE’s most aggressive move since its 2021 rally.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
