Dogecoin (CRYPTO: DOGE) is showing signs of bouncing back from a key ascending trendline that has acted as support since October 2024, according to a recent analysis by @ali_charts.

After pulling back to $0.14, which could offer a prime accumulation opportunity, Dogecoin is now showing signs of a technical rebound.

What Happened: According to the analysis, the weekly chart of Dogecoin showcases a clean technical structure. The meme coin is currently trading at $0.17, slightly above the 0.5 Fibonacci retracement level and the ascending trendline that has provided support since October 2024.

If this support holds, the chart suggests a possible rebound targeting the 0.786 Fibonacci level at $0.30, which also aligns with previous resistance zones.

The trendline, which extends from Dogecoin’s late-2024 breakout, has successfully cushioned past retracements. A bounce from this zone, combined with the improving sentiment across meme coins and altcoins, could mark the start of a bullish leg higher.

However, failure to hold above this trendline may invalidate the setup and expose Dogecoin to further downside toward the $0.13-$0.12 range.

The analysis highlights the importance of this technical support level and the potential for a bullish continuation in the coming weeks.

See More: Top 5 Best-Performing Cryptocurrencies Today (May 8, 2025)

What Else Is Happening: Dogecoin has been struggling in recent weeks as the broader cryptocurrency market faces pressure from macroeconomic trends.

Despite this, the meme coin has shown resilience, managing to bounce back from lows of $0.12 to reach highs of $0.24 in April 2025.

As the cryptocurrency market continues to navigate new lows in volatility, the focus remains on key technical levels and fundamental developments that could influence the price trends.