Dogecoin Eyes $0.23 Breakout and $0.30 Rally
Dogecoin has been trading around $0.22 within a tightening symmetrical triangle on its 4-hour chart, with key support at $0.22 and resistance at $0.23–$0.25. Chart analysts, including Tardigrade and Umair, point to the completion of wave E and a potential daily close above $0.23 on increased volume as the trigger for a bullish impulse toward $0.26–$0.30. Failure to break resistance could see a pullback to $0.19–$0.21.
Technical indicators show a neutral RSI near 50, moving averages clustered between $0.217 and $0.223, and daily volume down 26% to $2.16 billion. Correlations with Bitcoin trading below $114,000 may impact momentum. On-chain metrics reveal a 53% MVRV ratio indicating profit-taking risks, continued whale accumulation, and a 20% rise in derivatives open interest. Despite mixed sentiment, Dogecoin outperformed peers SHIB and PEPE with 4% weekly gains. Traders will watch for a decisive breakout above $0.23 to confirm a rally toward $0.30 or risk extended consolidation.
Bullish
The symmetrical triangle pattern on Dogecoin’s 4-hour chart, combined with the completion of wave E and key resistance at $0.23, suggests a high probability of a bullish breakout toward $0.30. Neutral RSI and clustered moving averages imply consolidation until a decisive daily close above $0.23 on higher volume confirms momentum. On-chain indicators—whale accumulation, rising open interest and a 53% MVRV ratio—support a bullish bias. In the short term, a confirmed breakout should accelerate buying and validate higher targets; failure would likely extend sideways trading or trigger a pullback.