Dogecoin Price Eyes $0.30 Breakout After Key Trendline Defends Again

Dogecoin price is trading above a long-term ascending trendline that has been in place since October 2024. The trendline had acted as a support level in the past several times when markets have corrected.

On the weekly chart, the current activity is consolidating upwards along this line confirming that the buyers are consolidating at this level.

At the time of writing, Dogecoin is trading near the $0.16–$0.18 range, aligning closely with the 0.5 Fibonacci retracement level of $0.16537.

Technical data suggests that this region has been concessional in the past and may remain so. According to analysts a possible short-term pullback to the $0.14 zone could set up a price rebound if trendline resists again.

Fibonacci Levels and Resistance Zones Point Toward $0.30

The Fibonacci retracement levels plotted on the chart define the critical price areas at which traders tend to search for pivots.

Dogecoin has recently bounced off the 0.5 Fib level, and the next resistance areas are located at the 0.618 level of $0.21317 and 0.786 level of $0.30602. A breakout above $0.213 will help to clear the road for a price test against the $0.30 mark.

The dotted path on the chart implies an upward trend if the support area $0.14$ – $0.16$ is intact. According to the pattern, there is likely to be a price movement to $0.24 and then to $0.3. These levels align with historical resistance zones seen during Dogecoin’s previous upward trends.

On-Chain Activity and Trading Volume Support Bullish Scenario

In the past 24 hours, Dogecoin recorded an 13.69% price increase, bringing it to $0.2079, according to Coingecko data. The price has increased by 4.16% in the previous seven days, suggesting that the buyers are still interested.

Trading volume for DOGE has also increased, now standing at $1.77 billion. This is at a time when the market is soaring all around, with Bitcoin as its headlining instrument, later rising to over $101,000 after a U.S.-U.K. trade deal had been announced.

A notable transaction involved a movement of 807,378,538 DOGE tokens—worth nearly $149.76 million—between two unknown wallets. Though it is unclear what this transaction is for, such big swings tend to cause questions in the market.

Several analysts hint that the move may arise from the internal portfolio rebalancing while others regard it as a pointer to a planned market move by a big investor.

Dogecoin Price Technical Pattern Breakout and Market Sentiment Trends

Crypto analyst Trader Tardigrade observed that Dogecoin recently broke out of a diamond bottom pattern on the daily chart. This technical gadget is usually applied to monitor trend reversals. After a period of consolidation from mid-March to early May, Dogecoin moved above the top boundary of the pattern, and trading volume surged during the breakout.

Additionally, analysts point to a recurring 29-day cycle in Dogecoin’s Relative Strength Index (RSI), where bullish divergence has often preceded a price rally.

The latest RSI activity aligns with this schedule, and there could be further rally around the $0.29. This level is some 52% above current prices but a close approximation of the $0.30 breakout target.

Data from Coinglass shows increased interest in Dogecoin positions. Open interest has increased 12.40% now reaching $1.91b. Meanwhile, the total trading volumes increased by 38.02% to $3.06 billion indicating that more money were worth trading.

The options market increased volume by 4.09% and open options interest by 30.58%, reaching 337,880 contracts.

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