Over the past four days, the Dogecoin price has seen an increase of more than 17%, inching closer to what many analysts consider bullish territory. Two well-regarded chart technicians, Rekt Capital (@rektcapital) and Henry (@LordOfAlts), are identifying a significant technical setup on the Dogecoin (DOGE) price chart, suggesting a potential breakout could be on the horizon.
This Price Level Is Crucial For Dogecoin
Earlier today, Rekt Capital shared a weekly DOGE/USDT chart, pointing out key price levels of $0.159, $0.204, and most importantly, $0.22. According to the analyst, Dogecoin’s future trajectory is heavily dependent on its ability to reclaim and securely close above the $0.22 mark, which Rekt capital describes as a crucial green zone reflecting Pre-Halving highs on his analysis.
Rekt Capital believes that the recent dip below $0.22 could be interpreted as a brief “downside deviation.” Should the price action stabilize above $0.22 shortly, this breach might be regarded as temporary. The prominent wicks in the candlesticks around $0.20 and $0.22 indicate substantial volatility, which Rekt Capital interprets as part of a “very volatile retest” occurring near March highs.
From a technical vantage point, the area around $0.22 appears to function as a pivotal level. A weekly candle close above this threshold could enhance the chances of buyers regaining dominance, potentially paving the way for movement towards higher resistance levels, such as $0.28 and $0.338, which are marked by two horizontal green lines on Rekt Capital’s chart.
DOGE Breakout Already Confirmed?
In a parallel analysis, Henry (@LordOfAlts) points to a multi-month falling wedge formation that has persisted from late 2024 through the first quarter of 2025. He notes similarities between this pattern and Dogecoin’s descending wedge in 2024, which eventually culminated in a breakout and a substantial price increase.
Henry’s chart illustrates how DOGE has been consolidating within two descending trendlines for several months. The upper trendline is indicative of lower highs since the coin reached its peak over $0.48, while the lower boundary marks a sequence of descending lows.
Henry draws a direct comparison between the current wedge and a similar setup that resulted in a significant 365% increase starting in October 2024. In recent days, Dogecoin managed to break out of the falling wedge pattern, potentially signaling the beginning of another steep ascent.
While Henry refrains from specifying target prices, he recalls that the last time DOGE exhibited similar behavior was in September 2024, before it surged to $0.50 and eventually $1.00, encapsulating his insights with the concise exhortation to “Trust the cycle.”
As of the time of writing, DOGE is trading at $0.19583.
