Dogecoin (DOGE) prices have seen an 8.82% increase in the past seven days. On April 25, the original meme coin closed above its 50-day moving average (MA) on the 1-day timeframe for the first time in three months. By press time on April 28, DOGE was changing hands at a price of $0.17952, slightly below its 50-day MA of $0.18222.

As powerful a bullish signal as that is, one noted cryptocurrency technical analyst is positing that a monthly close above $0.20 could lead to a huge move to the upside.

Channel up pattern suggests Dogecoin price rebound is around the corner

A close above $0.20 would place Dogecoin prices significantly above the lower trendline of a long-term channel up chart pattern, as showcased by cryptocurrency researcher Ali Martinez in an April 28 X post.

Previous bounces off of this key support trendline have had a tendency to lead to significant upward moves. According to the analyst, such a close would lead to a rise to the 0.739 Fibonacci retracement level, which would see Dogecoin price surpass the previous all-time high (ATH) of $0.74, some 312.21% above current prices.

If #Dogecoin $DOGE can secure a monthly close above $0.20, it could pave the way for a rally toward its all-time high of $0.74. Such a breakout would signal strong bullish momentum and potentially attract increased investor interest.

The analyst had previously outlined a case for a possible surge to $0.9 in the longer term, which would equate to a 401.33% rally.

Dogecoin also saw its millionaire count soar on account of positive price action caused by Elon Musk’s announcement that he would be winding down his DOGE (Department of Government Efficiency). With market-wide dynamics increasingly favorable, there is a distinct possibility that the meme coin could rally according to the scenario outlined by Martinez.