Dogecoin Price Forecast points to Potential Breakout, Analyst projects $1 target

Dogecoin (DOGE) is currently trading near $0.20, significantly down over 60% from its 2024 peak. Despite this substantial decline, technical analysis suggests a potential price reversal. An ETHNews analyst has identified a falling wedge pattern on the weekly chart, a formation often preceding a bullish breakout.

This pattern, characterized by declining highs and lows, began in December 2023, according to the analyst. DOGE recently retested the $0.2280 level, previously resistance (March 2023), which now acts as support.

A successful breakout above the wedge could propel DOGE to $0.50 initially, and potentially even to $1.00 – a 400% increase from current levels. This aligns with a similar pattern observed between March and November 2023, where DOGE reached $0.45 after exhibiting a comparable technical structure.

DOGE's price history demonstrates significant volatility. In 2023 alone, it surged 720% from its yearly low to high. ETHNews analysts point to macroeconomic factors as influential. Reciprocal tariffs impacting the U.S. economy could lead to quantitative easing, potentially driving capital into risk assets like cryptocurrencies. Further, speculation surrounds potential SEC approval of a Dogecoin ETF, given its proof-of-work nature and lack of security classification. Such approval would likely attract institutional investment. Dogecoin's role in crypto reserves and reduced investor interest in smaller meme tokens also contribute to its potential. The coin might benefit from increased liquidity and recognition as a more established alternative.

The bullish outlook hinges on DOGE remaining above its ascending trendline (originating in June 2023). A breach below this line would invalidate the current bullish setup.

As of March 27, 2025, DOGE is priced at $0.19151 USDT, down −1.74% daily. Trading today ranged from $0.18771 to $0.20060, with the price consolidating below the key $0.20 resistance. 24-hour volume is approximately 818.13 million DOGE, indicating active but cautious market participation. Over the past week, DOGE gained +7.62%, recovering from lows near $0.17. However, it remains down −8.97% for the month and −39.38% year-to-date, reflecting broader weakness in the meme coin sector. Despite this, DOGE is up +55.08% over 6 months, suggesting a longer-term bullish trend.

Currently, Dogecoin is struggling to maintain a price above $0.20, a significant resistance level since early March. A daily close above $0.205 would confirm the bullish structure and likely drive the price toward $0.23–$0.26, potentially extending to $0.30. Support sits at $0.187; a break below could push the price to $0.173, or even retest the $0.159 demand zone.