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Dogecoin Breakout Incoming? $3 Target On The Horizon
Dogecoin has held steady above $0.22 since May 20 and climbed back after a brief dip. It hit $0.25 on May 23, then eased into the weekend. In the last 24 hours, the token is up 4.1%. Over a week, it’s up 5%, even though it slipped midweek.
The Triangle Pattern
According to TradingView analyst Akbar Karimzsfeh, Dogecoin has been tracing a long, tightening triangle since its all-time high of $0.73536 on May 3, 2021. That peak was followed by a drop to $0.048 on June 13, 2022. Since then, every attempt to break lower—on June 5, August 14 and October 9 of 2023—has failed. The lines of the triangle are closing in. When they meet, a sharp move is likely.
Key Resistance Levels
Based on data, the upper trendline of the triangle also matches the top of a large “cup” pattern around $0.4916. There was an attempted breakout in December 2024, and prices almost hit that $0.4916 mark but got pushed back. After that, DOGE slid down to $0.13. It has since recovered some ground, but it still has to clear that $0.4916 hurdle before bulls can claim real control.
Recent Price Moves
Dogecoin hovered around $0.22 between May 20 and May 26. It peaked at $0.25 on May 23, only to slip afterward. Then the last 24-hour gain of 4.1% showed it can bounce from support. The 5% weekly rise points to steady buying, even with some pullbacks in the middle of the week. Traders are watching for a daily close above $0.50 as a sign that the long squeeze is over.
DOGE market cap currently at $33.5 billion. Chart: TradingView.com
On-Chain Metrics Rise
On-chain data backs up the price action. New addresses have jumped by 102.40% in the past seven days. Active addresses climbed 111.32%. Zero balance addresses went up 155.45%. That suggests more people are sending small amounts of DOGE or testing the network. It doesn’t guarantee they’re holding long term, but it does flag higher interest and activity.
DOGE price up in the last week. Source: CoinMarketCap
If Dogecoin can break above the top trendline and hold above $0.49, some see a move toward $3.08. That target is based on adding the triangle’s height to the breakout point. It’s a big leap. Psychology and trading fees could slow that run. But the pattern says a strong move may be coming.
Based on reports, caution is still wise. Wait for clear confirmation before betting on a moonshot. A slip below the lower trendline near $0.05 would turn the picture bearish. For now, Dogecoin sits in the balance, squeezed between two key trendlines. Traders and fans will be watching every close above $0.49 or fall below $0.05 to gauge the next big move.