Dogecoin Price Breaks Resistance Trendline That Could Trigger Breakout Above $1
The Dogecoin price looks set to witness a breakout above the psychological $1 level, having broken a resistance trendline. Crypto analyst Trader Tardigrade provided a timeline for when this massive surge could happen as DOGE rallies to a new all-time high (ATH).
Dogecoin Price Eyes Rally Above $1 Following Breach Of Resistance Trendline
In an X post, Trader Tardigrade predicted that the Dogecoin price could rally above $1 following a break above the resistance trendline. He revealed that DOGE has broken out of a mid-term resistance trendline while noting that there is no sign of a false break.
He added that this price movement is very similar to those in February 2024, when there was a massive surge after a period of momentum buildup.
In line with this, he asserted that if the Dogecoin price performs a similar buildup, then a massive surge could happen in May 2025, with the meme coin surpassing the $1 mark. His accompanying chart showed that DOGE rallied from around $0.09 to as high as $0.18 the last time it witnessed a similar momentum buildup.
In another X post, he also provided a bullish outlook for the Dogecoin price. The analyst affirmed that DOGE’s Wyckoff accumulation hasn’t missed. Trader Tardigrade noted that in phase C, a test followed the Spring, a signature move in Wyckoff Accumulation.
Meanwhile, phase D featured several low points of support (LSPs), signs of strength (SOS), and back-ups (BU). He added that once Dogecoin consolidates around the $0.18 range for a while, it will enter phase E to complete the pattern and launch a massive rally for the meme coin. The Dogecoin price is expected to reach $0.26 in phase E before it rallies to new highs.
DOGE Has Performed Well In This Cycle
In an X post, crypto analyst Kevin Capital stated that the Dogecoin price has already performed “exceptionally” well in this cycle, considering the macro circumstances of high interest rates, decreasing money supply, high inflation, and quantitative tightening. Based on this, he expects DOGE to perform even better when monetary easing policies begin to come into place.
He predicts that the Dogecoin price could rally to at least $3 when there is an increasing money supply and decreasing interest rates, with the Fed projected to start cutting rates by June and July. The analyst noted that there is also lower inflation, which is evident through the Trueflation indicator.
Therefore, quantitative tightening policies are likely to end soon, which is bullish for the leading meme coin. It is worth mentioning that the Dogecoin price surged to its current local high of $0.45 after the Fed cut interest rates last year.
At the time of writing, the Dogecoin price is trading at around $0.18, up almost 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from TradingView
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