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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 recognized for its social-media cult could possibly be organising for a run towards the higher boundary of a multiyear rising wedge close to $1.60.
Will Dogecoin Skyrocket Above $1?
The analyst’s each day chart (BINANCE: DOGEUSDT) frames almost two years of value motion inside a broad, magenta-coloured ascending wedge whose assist has risen from roughly $0.06 in late-2023 to $0.17 right now, and whose resistance tasks 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 inside 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 important 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 complete retrace degree 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 drive 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 value tagged rising-wedge assist, sliced by way of the interior down-sloping resistance, retested it as assist and accelerated straight to the upper boundary.
The overlay implies {that a} comparable sequence has begun to unfold: DOGE revisited wedge assist in late June, broke the interior 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, value launched into the aforementioned 439 % advance. Whereas momentum has cooled since that prime, the oscillator by no means broke down into oversold territory, suggesting, in classical technical parlance, that DOGE has been basing relatively than topping.
Sceptics will notice 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 fast 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 interior 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 assist, at the moment close to $0.17.
Whether or not historical past will repeat with the precision that the fractal tasks 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 greater – 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
