Dogecoin (CRYPTO: DOGE) faced a setback on Monday as its price slipped below the crucial support level of $0.17. However, the cryptocurrency quickly bounced back, trading above $0.18 by Tuesday.

What Happened: As of Tuesday evening, Dogecoin had risen by 3.06%, trading at $0.186.

Crypto analyst and trader, known as Memecrypto, shared on X, formerly Twitter, that Dogecoin “might be starting something bigger” from the $0.18 level.

This statement comes amid growing optimism within the Dogecoin community.

Highlighting the natural formation of the structure in price action, Memecrypto noted that a breakout is unfolding, observed through momentum indicators and EMAs, adding more credibility to the rally.

At the current rate of growth, the next key barrier is expected at $0.24, with reaching this milestone potentially setting off a larger uptrend.

Memecrypto emphasized that markets typically do not wait for latecomers, hinting at a sharp surge that could trigger FOMO (Fear Of Missing Out) among investors.

In a separate update, an analyst on TradingView pointed out that Dogecoin recently exited a falling wedge formation. This technical move is often regarded as a bullish reversal signal, and many traders see it as an early indication of further price gains.

The falling wedge, which had kept Dogecoin on a downward course, encountered resistance at $0.28 in February and at $0.16 in April.

Breaking free from this pattern near the $0.18 mark, alongside a noticeable rise in trading volume, suggests that the tide may have turned in favor of bulls.

Support levels now sit firmly around $0.143 and $0.16, providing a strong foundation for the next phase of growth.

The analyst projects that Dogecoin could climb as high as $0.46, which would represent a striking 147% rise from its current position.

Further strengthening market sentiment, another market expert known as Trader Tardigrade shared insights on X that Dogecoin has shattered a critical mid-term resistance trendline.

Tardigrade stressed that this breakout is genuine and not a false signal, comparing the movement to the one witnessed in February 2024, right before a major rally.

If the current momentum persists, Tardigrade believes Dogecoin could surge past the $1 mark by May 2025. This long-term outlook has energized holders and investors.

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