TLDR
- Analyst Ali Martinez suggests a monthly close above $0.20 could lead Dogecoin to retest its ATH of $0.74
- Kevin, another analyst, projects a possible breakout to $3.60 based on Fibonacci extension levels
- DOGE is currently trading around $0.17-$0.18, up 9% in the last week
- Technical patterns show DOGE testing the lower level of a long-term Ascending Channel
- Potential Fed rate cuts expected in June/July could inject liquidity into crypto markets
Dogecoin is showing signs of a potential major price rally according to several technical analysts. The popular meme cryptocurrency, which has been consolidating in recent months, appears to be setting up for a possible breakout if certain price levels are maintained.
Currently trading around $0.17-$0.18, Dogecoin has seen a 9% increase over the past week. This comes as the cryptocurrency tests key technical levels that could determine its future price direction.
Analyst Ali Martinez identified that Dogecoin is trading near the lower boundary of a long-term Ascending Channel pattern. This technical formation has been in place for several years on the monthly chart.
If #Dogecoin $DOGE can secure a monthly close above $0.20, it could pave the way for a rally toward its all-time high of $0.74. Such a breakout would signal strong bullish momentum and potentially attract increased investor interest. pic.twitter.com/ky88B6XFZy
— Ali (@ali_charts) April 28, 2025
The cryptocurrency is also approaching the 0.786 Fibonacci Retracement level, which sits around $0.20. According to Martinez, if Dogecoin can secure a monthly close above this threshold, it could open the path for a rally toward its all-time high of $0.74.
Such a breakout would signal strong bullish momentum for the meme coin. It could potentially attract increased investor interest in the coming months.
Historical Patterns Point to Possible Breakout
Another crypto analyst known as Kevin has presented an even more bullish outlook. Based on Fibonacci extension targets, Kevin projects a possible price rally to $3.60 for Dogecoin.
Kevin’s analysis highlights that DOGE has historically experienced long consolidation periods within Descending Wedge patterns. These periods are typically followed by explosive price movements.
This pattern was evident during the 2021-2022 bull run. According to Kevin, Dogecoin appears to be repeating this cycle in the current market.
The analyst notes that Dogecoin has broken out of a multi-year downtrend. It is successfully retesting key technical channels, which could position it for a renewed upward movement.
Analyst Emma shares a similar bullish view. She has set short-term price targets for Dogecoin at $0.19 and $0.20.
The meme coin is building pressure after pulling back from $0.24 and hitting a low of $0.17. It’s currently consolidating around $0.18 and approaching the key resistance area of $0.19.
Emma believes that if DOGE breaks and holds above this resistance with substantial volume, its rally could accelerate significantly.
Macroeconomic Factors Could Support Rally
Beyond technical patterns, macroeconomic conditions may also be shifting in favor of Dogecoin’s potential price increase.
The Federal Reserve is widely expected to begin cutting interest rates as early as June or July, according to the Chicago Mercantile Exchange FedWatch Tool. This move could inject much-needed liquidity into financial markets, including cryptocurrencies.
The money supply is also beginning to increase once more. This reverses the effects of the extended Quantitative Tightening period we’ve seen recently.
Alternative inflation metrics indicate that inflationary pressures are waning. This could create a favorable environment for risk assets like Dogecoin.
A potential end to the Federal Reserve’s Quantitative Tightening program might create a window for a larger influx of capital into cryptocurrencies. Combined with the technical breakout patterns, this could set the stage for Dogecoin to see substantial price gains.
At the time of writing, Dogecoin is trading around $0.17, up over 9% in the last week. The price has been moving sideways in recent days as it tests these critical levels.
The post Dogecoin (DOGE) Price: Monthly Close Above $0.20 Could Trigger Major Rally appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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