Bullish Momentum Could Return to Dogecoin If It Clears $0.23, Analyst Says

Crypto markets woke up Wednesday to a fresh technical narrative for Dogecoin (DOGE) after popular market analyst Ali Martinez tweeted a succinct bullish take. He said, “A break above $0.23 will send Dogecoin $DOGE flying!” In addition, Martinez posted a chart showing DOGE caught inside a tightening symmetrical triangle, with a projected path that targets the mid-to-high $0.20s and beyond if momentum arrives.

At the time of writing, DOGE is trading around $0.22, having bounced off an intraday floor near $0.21 as traders weigh whether the token can muster the volume needed to punch through immediate resistance in the $0.23–$0.24 area. Technically, the chart that’s driving the chatter (a 4-hour chart posted by the analyst) maps a classic symmetrical triangle.

Higher lows are pressing into lower highs, a structure that compresses volatility and frequently precedes a sharp directional move once a decisive breakout occurs. Several technical commentators point to the same level: a clear close above the $0.23–$0.24 zone would likely switch odds in favor of bulls and could open a run toward $0.30 and perhaps as high as $0.31–$0.36, depending on follow-through and volume. There’s precedent for fast moves.

On Aug. 22, DOGE spiked from about $0.21 to $0.23 on a burst of unusually high volume, an intraday move that many traders read as evidence that buyers are ready to step in when the price touches key levels. The price soon retested support near $0.21 and has been consolidating since. That pattern, a breakout attempt followed by a successful retest, is often cited as a constructive technical setup ahead of a larger leg up, but only if buyers return.

What a Breakout Could Look Like

Analysts who favor the upside sketch a path similar to the dotted projection on the posted chart: a breakout above $0.23 that holds on a 4-hour close, then a run through $0.25 resistance toward short-term targets near $0.28–$0.31. One common technical target comes from measuring the height of the triangle and projecting it upward from the breakout point; that method produces price objectives in the low-to-mid $0.30s in optimistic scenarios.

This bullish roadmap comes with clear caveats. Symmetrical triangles can break either way. If DOGE fails to clear $0.23–$0.24 and loses the lower trendline support (near $0.21 in recent sessions), the next move could be a deeper retracement. Some analysts flag $0.19–$0.20 as the logical downside pocket if selling pressure intensifies. Volume is the deciding factor: without above-average buying volume at the breakout, false breakouts and quick fades are common.

Beyond technicals, DOGE’s price remains sensitive to broader market tides and headlines. Retail interest in meme coins, high-profile endorsements and social-media activity (Elon Musk and others have historically moved sentiment around the DOGE price), plus macro crypto trends such as BTC’s direction and liquidity flows, can amplify a small technical trigger into a much larger move.

Some market commentators continue to shoot for psychologically significant levels (some even as high as $1 in bull-case scenarios), but those outcomes would require extended bullish conditions across crypto markets and renewed mainstream appetite for meme coins. For traders, the key immediate signal is confirmation: look for a clean 4-hour close above $0.23–$0.24 on elevated volume as validation of the bullish thesis.

Risk management remains essential. Tight stops below the triangle’s lower trendline or near recent swing lows can limit losses if DOGE re-tests support and breaks lower. As always with meme assets, price can be rapid and emotional; position sizing matters. Either way, the next few sessions are likely to be decisive. Keep an eye on volume and the $0.23–$0.24 zone for the clearest signals.