Dogecoin Price Confirms Breakout: Analyst Sets New Price Targets

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	57,242,555,729	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

57,242,555,729

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.00323	-0.82%	0.39161	0.3916	0.39161

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.00323

-0.82%

0.39161

0.3916

0.39161

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.39781	0.38774	0.39317	0.39484	0.074194 - 0.484640

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.39781

0.38774

0.39317

0.39484

0.074194 - 0.484640

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	05:01:27	59.40	0.39161	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

05:01:27

59.40

0.39161

USD

Price x Volume	Volume	Base Symbol	Related Pairs
19,606,517.91	50,066,255.62	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

19,606,517.91

50,066,255.62

Dogecoin Price Confirms Breakout: Analyst Sets New Price Targets

02/01/2025 4:00pm

NEWSBTC

Crypto analyst Balo (@btcbalo) has highlighted a major technical breakout on the Dogecoin (DOGE/USD) chart that suggests a bullish trend in the near future. Balo’s analysis, based on a 4-hour chart, points to several key technical developments that are driving expectations of a continued upward movement of the Dogecoin price. Why Dogecoin Looks Poised To Rally A cornerstone of Balo’s assessment centers on Dogecoin’s decisive breach of a longstanding downtrend line on December 28. This downtrend line, originally established from the December 8 apex of $0.48, had served as a formidable resistance level, effectively dictating DOGE’s price movements throughout December. Related Reading: Dogecoin To Rally 6,770% If This Pattern Holds: Crypto Analyst The breakout above this trend line marks a critical turning point. Following this ascent, Dogecoin experienced a minor retracement in which the memecoin swiftly retested the breached trend line. However, the retest was successful, reinforcing the bullish outlook for Dogecoin. Complementing the breakout from the downtrend line is the dissolution of a descending triangle pattern that had been forming since December 21. A descending triangle is characterized by a series of lower highs converging with a relatively flat support level, often signaling a potential bearish continuation. However, Dogecoin’s ability to break out of this formation today, on January 2 suggests a shift in market sentiment. The emergence from the descending triangle, coupled with the breakout, enhances the bullish narrative, although a retest of the triangle’s upper boundary could provide further validation of this upward trend. Integral to Balo’s thesis of a major breakout is also the volume profile, which offers a nuanced understanding of trading activity at various price levels. Dogecoin has rebounded from the substantial support at the highest volume cluster around $0.32, indicating a strong base of accumulated trading interest. Related Reading: Dogecoin Teeters Between ‘Price Discovery’ And ‘Catastrophe’: What’s Next? To the upside, volume is thin until the $0.40 region, where there is a huge cluster up to $0.43. This clustering implies that above this zone, DOGE could encounter minimal resistance, paving the way for Dogecoin to target its yearly high of $0.4834, recorded on December 8. Further reinforcing the bullish outlook is the completion of the ABC pattern on Dogecoin’s chart. The ABC pattern is a corrective sequence in technical analysis that typically signifies the termination of a retracement phase and the continuation of the preceding trend. In Dogecoin’s case, the finalization of this pattern aligns seamlessly with the other bullish indicators derived from the breakout and volume profile analysis. Thus, Balo’s remark “DOGE [is] starting to break out, I don’t see any reason to stop now. New highs real soon,” could signal that DOGE is heading for a new high. At press time, DOGE traded at $0.34. Featured image created with DALL.E, chart from TradingView.com

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DOGEUSD Dogecoin