Quick Summary:
- Analyst Ali Martinez identifies a bullish pennant breakout on the DOGE/USDT chart.
- Predicts a rally to $0.31 using the 1.414 Fibonacci extension.
- $0.25–$0.26 remains a crucial resistance zone for DOGE.
- Analyst Chad confirms bullish weekly structure with higher highs and lows.
- Recent Bitcoin surge contributes to Dogecoin’s upward momentum.
Bullish Breakout Sets the Stage for Dogecoin Rally
Dogecoin (DOGE) is once again making waves in the crypto market, riding on renewed bullish sentiment sparked by a recent surge in Bitcoin. According to renowned crypto analyst Ali Martinez, the meme coin has just broken out of a key technical formation, pointing toward a potential price rally to $0.31.
“DOGE appears to be breaking out from a significant resistance level,” noted Martinez, referencing the DOGE/USDT 1-hour chart. His analysis highlights a bullish pennant breakout, a pattern formed after Dogecoin rallied to $0.26 on May 11, followed by a period of consolidation.
The $0.31 Target: Fibonacci Extension in Play
Martinez bases his $0.31 price target on the 1.414 Fibonacci extension, which marks a potential 29% gain from current levels. However, he emphasizes that the $0.25–$0.26 range is a crucial supply zone that must be breached to confirm long-term bullish continuation.
This level has previously acted as a strong resistance point, and successfully moving beyond it could validate a larger upward trend.
Weekly Structure Backs Up Bullish Case
Adding weight to the bullish outlook, market analyst Chad also shared his perspective, stating:
“DOGE does not in any way look bearish,”
highlighting the token’s consistent higher highs and higher lows on the weekly chart.
Chad identifies the April low of $0.13 as the bottom of Dogecoin’s correction phase, suggesting the coin is now poised for further growth.
What’s Next for DOGE?
With technical patterns aligning and multiple analysts echoing bullish signals, Dogecoin could be on the brink of a significant move. A successful breakout above $0.26 may pave the way to revisit price levels not seen since early February, keeping DOGE in the spotlight as one of the top meme coins with serious momentum