Analyst Predicts 50% Dogecoin Price Breakout As DOGE Clears Key Resistance
Key Insights:
- Dogecoin price broke triangle resistance and now targets $0.293 and $0.36 next.
- On-chain data shows low supply above $0.20, with $0.36 as the final resistance zone.
- Bit Origin plans to buy $500M in DOGE, making it the first U.S. treasury adopter.
Dogecoin price broke through a key resistance zone this week, validating a major technical setup. Analysts have now shifted their focus to $0.293 and $0.36 as the next potential upside targets.
The breakout also coincided with institutional news that may accelerate Dogecoin long-term price adoption.
Dogecoin Price Surges After Trendline Breakout
Analyst Ali posted that Dogecoin price is heading toward a critical supply zone at $0.36. According to his chart, which relied on Glassnode UTXO indicators, the highest amounts of realized volume currently lie beneath $0.20. As price increases, resistance decreases with fewer coins bought at a price higher than that zone.
The analysis showed that the last cluster of the large-volume holders is in the $0.36 area. Beyond this level, the supply curve flattens, thereby lowering selling pressure. DOGE price could then shift into a higher trading range if buyers remain in control.
Previous resistance levels were already cleared by the action above the $0.20 mark. On-chain distribution of volume indicates that price discovery could speed up beyond $0.30.
Dogecoin rallied 12% in the past 24 hours, trading at $0.2361 at press time. Analysts now view $0.293 as the next technical test, which could open the way for a 50% surge toward $0.36 target.
Sell Wall at $0.293 Could Trigger Rapid Acceleration
Meanwhile, CW shared a sell wall chart indicating Dogecoin price is approaching major liquidity zone.
In his analysis, he showed that the last heavy resistance block is between $0.27 and $0.293. This area has consistently served as a limit to rallies in the previous year.
The chart displayed red bars, which depicted thick sell orders stacked at this level. CW noted that if Dogecoin price breaks through $0.293, there are no visible sell walls above it. This would pave the way for a rally to a new all-time high.
Volume profiles confirm aggressive accumulation below the wall. Should bulls continue prevailing, they can clear the resistance quickly. A daily close above $0.293 will probably turn market sentiment much more bullish.
Dogecoin Price Clears 400-Day Trendline
Furthermore, ZAYK Charts identified a breakout above Dogecoin’s 400-day descending resistance line. The action came after a series of higher lows and a recent rally above the $0.22 level.
The meme coin price action currently suggests a possible 81% gain with a target reaching $0.43. The chart pattern indicated a distribution of long-term compression, which enhanced bull power.
More so, DOGE price breakout area was between $0.22 and $0.25. The analyst’s projection indicated that the rally can extend further, provided bulls hold $0.22 as a new support level. RSI is not yet within the overbought region, meaning that it has more to gain.
Bit Origin Treasury Dogecoin Treasury Plan
In other recent developments, Bit Origin (NASDAQ: BTOG) announced plans to acquire $500 million worth of Dogecoin. The U.S.-listed company intends to issue a $400 million stock offering and $100 million in convertible debt. This would make it the first publicly traded company to add Dogecoin to its treasury.
The move has boosted long-term confidence in Dogecoin’s legitimacy as a reserve asset. Even though the current stand on acquisition is still pending, the market has responded positively.
Meanwhile, Bit Origin’s announcement comes at a time when technical charts are already turning bullish. DOGE price breakout, combined with the institutional support, indicates an upcoming meme coin rally. If both trends continue, Dogecoin price may extend its rally beyond $0.36 in the coming weeks.
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