Dogecoin Price Prediction: DOGE Targets $0.31 as Breakout Looms

Dogecoin (DOGE) is getting into the limelight as the meme coin consolidates ahead of an anticipated rally. After weeks of consolidation, analysts have highlighted a recurring historical pattern that often precedes rallies. The sentiment across technical indications suggests that the token could soon transition from accumulation to a breakout, echoing similar setups seen in the past.

According to analyst KALEO, the long-term arrangement of the asset is closely related to the past Bitcoin halving cycles. Every 50% slump in 2016 and 2020 was accompanied by an accumulation phase, followed by a sharp parabolic surge in subsequent months. The current framework resembles the past, and DOGE has broken above a multi-year resistance. This technical breakout shows that momentum could accelerate, leading to a surge to the $6.90 level.

DOGEUSD CHART | SOURCE: X

Moreover, these historical trends are consistent, highlighting the cyclical nature of the token. Each of the breakouts has been accompanied by new retail and liquidity flows into the market. As the 2024 Bitcoin halving is already in the past, and Dogecoin is displaying the same structural behavior as during its pre-2021 upward phase, traders are already setting up in anticipation of what could be the next trend.

Buyers Regain Control: DOGE Breakout?

Conversely, the falling wedge pattern identified by analyst Trader Tardigrade suggested a decrease in bearish pressure, indicating that buyers could regain control. The support zone of $0.241-$0.244 is crucial as repeated rejections show a high level of demand. A confirmed break of the wedge resistance could lead to a price increase to the $0.257-$0.265 zone, marking the first stage of a recovery.

DOGEUSD 4H CHART | SOURCE: X

Meanwhile, analyst Crypto Tony pointed out that the market is forming a double-bottom structure at the mark of $0.23. The analyst suggested that this zone could be briefly tested by the asset before an upward leg takes the token to a higher level between $0.29 and $0.31. This would confirm accumulation is building while accelerating momentum on an extended uptrend, particularly if the move is accompanied by volume surges.

DOGEUSD 12H CHART | SOURCE: X

Comprehensively, market data and chart structures show that the market is exiting the sideways action to a potential breakout stage. Although volatility could likely be short-term, the consistency between the past and the present price structure indicates that the token could soon be in an expansion phase.

DOGE is currently valued at about $0.23, holding steady below the critical support as traders expect decisive action.