Dogecoin (DOGE) may be gearing up for a significant rally after showing signs of a trend reversal. After several weeks of correction, analysts now believe that DOGE could deliver daily gains of up to 30%, with some predicting a longer-term move toward the $1 mark.
Market analyst MMB Trader shared a new TradingView chart suggesting that DOGE is testing major support levels at the 0.5 and 0.61 Fibonacci retracement zones, specifically at $0.218 and $0.202. These zones typically mark strong support during corrections and often serve as springboards for new bullish trends.
At the time of writing, Dogecoin trades at $0.2247, reflecting a 0.9% daily gain and a monthly increase of 38%. This price positions DOGE just above those retracement levels, reinforcing bullish expectations.
Fibonacci Support and Channel Breakout Fuel Momentum
In technical analysis, Fibonacci retracement levels are widely used to identify potential reversal zones. MMB Trader emphasized that the current levels could end the ongoing correction and ignite an upward push if the market responds with increased volume.
The same chart shows that Dogecoin has broken out of a descending price channel that had confined its movement since 2024. MMB Trader marks this breakout at $0.22, noting it as a clear technical signal that the prior downtrend has ended.
This type of channel breakout is often seen as an early confirmation of a new bullish phase, particularly if buyers step in with strong volume. MMB Trader anticipates the return of large green candles on the daily chart, forecasting 20% to 30% price surges per session if the current trend holds.
Price Targets: $0.75 and $1 Are Back on the Table
MMB Trader’s analysis projects that DOGE could soon surpass its January high of $0.42, with targets at $0.75 and $1.00 gaining renewed attention. A key resistance level to watch is $0.405. If DOGE breaks and holds above that level, it could spark a wave of aggressive buying.
Meanwhile, another analyst known as TraderLeo highlighted $0.206 to $0.213 as a crucial accumulation zone. After an extended downtrend, DOGE has previously rebounded from this range, and current volume indicators suggest buyers are re-entering the market.
On the 4-hour chart, analyst BitGuru observed that a bounce from $0.21389 could serve as a short-term reversal trigger. He added that a breakout from this zone could produce a 28% surge, pushing the price toward $0.240 to $0.250.
Related article: Dogecoin Clears $0.22 Resistance as Analysts Forecast Explosive 226% Rally to New Highs
More Analysts Join the Bullish Chorus
Other well-known analysts have also voiced confidence in Dogecoin’s bullish potential. Kamran Asghar and Javon Marks identified repeated bullish formations, including double bottom patterns and long-term accumulation phases.
Javon Marks maintained that DOGE could revisit its previous all-time high of $0.73905, a move representing a 226% increase from current levels. His chart even includes extended price targets of $1.42 and $2.11, depending on how aggressively momentum builds.
Adding strength to this bullish narrative, crypto analyst Ali Martinez revealed that whale wallets accumulated 310 million Dogecoin in just one day. Their total holdings jumped from 72.65 billion to 73.34 billion DOGE, indicating rising institutional or large-scale investor interest in the meme coin.
Whale accumulation often precedes strong rallies, especially when accompanied by technical breakouts and rising support from retail traders.
Final Thoughts: Dogecoin Could Be on the Verge of Another Breakout
With strong support at key Fibonacci levels, a confirmed breakout from a descending channel, increasing trading volume, and whale accumulation, Dogecoin appears well-positioned for a major upward move. Analysts remain confident that DOGE could reclaim its former highs, and possibly push into new territory toward the $1 milestone.
