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A recent chart shared on X by the pseudonymous technician Charting Man is stoking renewed bullish chatter round Dogecoin, suggesting that the meme-coin finest identified for its social-media cult may very well be establishing for a run towards the higher boundary of a multiyear rising wedge close to $1.60.
Will Dogecoin Skyrocket Above $1?
The analyst’s day by day chart (BINANCE: DOGEUSDT) frames almost two years of worth motion inside a broad, magenta-coloured ascending wedge whose help has risen from roughly $0.06 in late-2023 to $0.17 immediately, and whose resistance initiatives to $1.10–1.60 over the approaching months. At press time DOGE is altering arms at $0.2219, up 8.7 % on the day, having simply pierced the wedge’s inner development line that capped each rally till mid-July 2025.
A cluster of Fibonacci retracement and extension ranges anchored to the chart’s swing low at $0.0491 and swing excessive at $0.7605 defines the roadmap that merchants are watching. The token has already reclaimed the 0.382 retracement at $0.1399 and the psychological $0.20 deal with, and is now hovering above the 0.50 zone at $0.1933 – forward of the extra technically vital golden ratio at 0.618 ($0.2671). Above that, fib-derived hurdles stack at 0.702 ($0.3362), 0.786 ($0.4232), and 0.888 ($0.5596), with the total retrace stage at $0.7605 and the 1.272 extension demarcated at $1.6017 – exactly the place the wedge’s ceiling converges within the analyst’s projection.
Associated Studying
What lends the setup its narrative power is a cyan overlay on the identical chart – a fractal copy of DOGE’s eruptive late 2024 leg – that has been transplanted onto the present construction. In that earlier episode the coin rocketed 439 % as soon as worth tagged rising-wedge help, sliced by the inner down-sloping resistance, retested it as help and accelerated straight to the upper boundary.
The overlay implies {that a} related sequence has begun to unfold: DOGE revisited wedge help in late June, broke the inner development line in mid-July, and retested it efficiently this week– if the fractal continues to rhyme – may embark on a vertiginous dash that terminates the place the 1.272 extension meets the wedge roof simply north of $1.60.
The month-to-month view reinforces the bullish undertone. Charting Man factors out that the Relative Energy Index (RSI) is on the verge of a bullish cross of its personal transferring common within the 50–55 band. The final time that crossover occurred, in early 2024, worth launched into the aforementioned 439 % advance. Whereas momentum has cooled since that top, the oscillator by no means broke down into oversold territory, suggesting, in classical technical parlance, that DOGE has been basing reasonably than topping.
Sceptics will observe that the identical wedge has twice rejected advances beneath $0.50, and that the memecoin nonetheless lives beneath each main high-time-frame provide shelf till $0.76. But the chart’s geometry leaves room for a speedy repricing ought to consumers clear the $0.27–0.34 resistance cluster: the “empty air” between the 0.702 and 0.888 fibs coincides with the steepest a part of the wedge.
Associated Studying
For now, merchants have a textbook set off to look at – the inner magenta down-trend that DOGE has simply examined from above. A decisive weekly shut above that line, coupled with rising quantity, would formally affirm the breakout scenario. Failure to carry $0.20 would invalidate the fractal and shift focus again to wedge help, at present close to $0.17.
Whether or not historical past will repeat with the precision that the fractal initiatives stays to be seen, however the structural logic on the chart is obvious: as long as Dogecoin respects its four-year rising base, the trail of least resistance continues to tilt larger – and the higher fringe of that construction terminates at $1.60. The coming weeks ought to reveal whether or not the meme-asset can flip that technical aspiration into market actuality.
At press time, DOGE traded at $0.22.
Featured picture created with DALL.E, chart from TradingView.com
