Dogecoin aims for a 100% increase as key resistance level nears breakout: Analyst

Dogecoin is once again at a critical point after retesting a multi-year trend line. However, according to two chartists, this popular meme-inspired token may be on the verge of a major breakout. Crypto Balo (@btcbalo) and Cas Abbé (@cas_abbe) both shared technical charts indicating a new upward move for DOGE, highlighting specific price thresholds, Fibonacci retracement levels, and a recently confirmed bullish pattern. Will Dogecoin ever go below $0.15 again? On the DOGE/USDT three-day chart published by Balo, the Elliott Wave points ( are marked (1) to (5) and A-B-C) indicate that the market has completed a correction phase near the $0.15 region. This conclusion is based on a set of technical signals, including a strong support area and a clear convergence in trading volume. According to Balo, the last wave of the broader correction seems to have ended at the low-teen average level, which he believes has solidified into an important turning point.

Balo pays special attention to certain Fibonacci levels on his chart. He notes that $0.2350 corresponds to the Fibonacci retracement level of 0.618, while $0.1671 marks the key retracement level of 0.786. In his view, maintaining a price above the 0.786 retracement level is essential for sustaining the bullish momentum of Dogecoin. Balo continues to reference the retracement level of 1.0 at $0.0805, considering it a low in the larger cycle from previous years but emphasizes that DOGE has not returned to that level for a significant amount of time. Based on these observed price structures, Balo predicts that Dogecoin may consolidate for a short period to build momentum. He emphasizes the possibility of the price doubling before DOGE encounters "the next major resistance level" near $0.3552–$0.36. According to him, "To me, DOGE looks like the bottom. It might consolidate a bit to build momentum, but we should be able to reach 2x from here before encountering the next major resistance. Once we reclaim $0.36, we can start talking about new ATHs again." Therefore, he identifies $0.36 as a pivotal point that could pave the way for reclaiming the historical high above $0.76, but emphasizes that he wants to see a decisive breakout above this resistance level first. Until then, he considers $0.15 as a strong support level and still believes that the price action of DOGE could mimic its bullish structure from September 2024. The breakout of the DOGE Falling Wedge Short-term analysis of Cas Abbé, drawn on a four-hour chart, indicates a classic descending wedge pattern. After a decisive move beyond the upper trend line of the wedge, Abbé believes that buyers have actively reversed the previous downtrend.

A key factor in Abbé's assessment is the Relative Strength Index (RSI). He notes that the RSI briefly dipped into the oversold territory—a phenomenon often regarded as a reliable indicator that selling pressure has reached extreme levels. Since then, the RSI has recovered to the low 50 range, signaling the potential for a new bullish momentum. Citing these technical developments, Abbé commented, "DOGE has broken the downward threshold. The 4H RSI has entered the oversold zone, which is a clear bottom signal. If BTC does not lose momentum, DOGE could rise to the level of $0.22–$0.25 in the coming weeks."