Dogecoin Price Breakout From Robust Structure Zone Signals Sharp 50% Rise Above $0.33

Bitcoinist
Updated
Mitrade
coverImg
Source: DepositPhotos

Technical analysis shows that Dogecoin is looking to break out from a key structure zone near $0.26, which could cause a change in market momentum. This technical outlook comes amidst a bearish week for DOGE, which has seen it breaking below support levels and erasing its gains throughout January.


According to a technical analysis of the TradingView platform, Dogecoin is about to break out of a robust pattern that could send it on further price increases.


Breakout From Structure Zone, Dogecoin To Rise Above $0.33


Crypto analyst Klejdi Cuni highlighted on TradingView that Dogecoin has moved beyond a robust structure zone, which theoretically opens the door for further price gains. According to the analysis, which is based on DOGE’s price action on the 4-hour candlestick timeframe, the asset had been consolidating in a robust zone between February 5 and February 10 before eventually breaking out of the upper trendline of this zone. 


Notably, this zone arose after the meme coin’s decline between February 1 and February 3, which saw it break below $0.22 for the first time since November 2024. This decline was then followed by a brief recovery before Dogecoin eventually settled and started consolidating between $0.23 and $0.26. 


According to crypto analyst Klejdi Cuni, this consolidation zone was a robust one. At the time of his analysis, Dogecoin managed to break above the upper trendline of this robust zone, with the analyst noting that it looked solid and a breakout might be next. 


However, Cuni cautioned that while Dogecoin has breached this key level, the breakout might not immediately follow through with strong upward momentum. He pointed out that a temporary pause is possible as investors await the testimony from Federal Reserve Chair Jerome Powell, which could influence broader market sentiment before Dogecoin’s next potential move.


Short-Term Price Targets And What Needs To Happen Next


The analyst identified price targets at $0.286, $0.311, and $0.335 after the breakout is confirmed. Breaking above these targets in quick succession will open up the stage for another strong move above $0.335. However, looking at these, they are short-term price targets for Dogecoin in light of a bearish price action in the past two weeks. DOGE had already even traded above these price targets throughout last month, but this is the reality now, given the decline since the beginning of February. 


Despite the lack of immediate bullish momentum, Dogecoin has not entered a full-fledged bear market. Many investors are on standby and watching for signs of renewed strength before making their move. 


Long-term bullish targets, including the widely speculated $2 level, are still in play as long as Dogecoin can hold above the strong support level at $0.2. 


At the time of writing, DOGE is trading at $0.2536, down by 5.3% in the past 24 hours.


Dogecoin

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Crypto Analyst Shatters XRP Price Bullishness, Predicts Massive Crash To This Support LevelCrypto analyst has shattered hopes of an upward trend for the XRP price in the short term. This came following his prediction that the altcoin could witness a massive crash to a major support level.
Author  Beincrypto
2 hours ago
Crypto analyst has shattered hopes of an upward trend for the XRP price in the short term. This came following his prediction that the altcoin could witness a massive crash to a major support level.
placeholder
Trump Media announces new token launch and native crypto wallet in latest Shareholder letter Trump Media unveils plans to launch a utility token and crypto wallet to monetize Truth Social and expand its streaming services. Markets react with a 10% drawdown on the Solana-hosted official TRUMP memecoin.
Author  FXStreet
2 hours ago
Trump Media unveils plans to launch a utility token and crypto wallet to monetize Truth Social and expand its streaming services. Markets react with a 10% drawdown on the Solana-hosted official TRUMP memecoin.
placeholder
Bitcoin Active Addresses Surge Past 800K – New Wave Of Demand Incoming?Bitcoin is currently trading around the $95,000 mark, with bulls struggling to reclaim higher prices after last week’s surge. BTC has been consolidating just below the critical $96K resistance level, and the next few trading sessions are likely to determine whether a decisive breakout or a breakdown will follow.
Author  Bitcoinist
2 hours ago
Bitcoin is currently trading around the $95,000 mark, with bulls struggling to reclaim higher prices after last week’s surge. BTC has been consolidating just below the critical $96K resistance level, and the next few trading sessions are likely to determine whether a decisive breakout or a breakdown will follow.
placeholder
XRP Whale Makes $68.7 Million Coinbase Deposit—Cashing In On Price Surge?On-chain data shows an XRP whale has made a large inflow into the Coinbase exchange, a sign that could be bearish for the asset’s price.
Author  Bitcoinist
18 hours ago
On-chain data shows an XRP whale has made a large inflow into the Coinbase exchange, a sign that could be bearish for the asset’s price.
placeholder
Bitcoin Buying Volume on Binance Overtakes Selling for First Time in 6 MonthsBitcoin’s recent upward momentum appears to have slowed after climbing nearly 10% over the past week. Following a move above $95,000, Bitcoin is currently trading at $94,686, reflecting a modest 0.7% gain over the past 24 hours.
Author  NewsBTC
19 hours ago
Bitcoin’s recent upward momentum appears to have slowed after climbing nearly 10% over the past week. Following a move above $95,000, Bitcoin is currently trading at $94,686, reflecting a modest 0.7% gain over the past 24 hours.
Real-time Quote