Dogecoin price has shown a promising uptick in the past 48 hours, rising from lows of $0.16 to its current level of $0.1790 at the time of writing.

While the meme coin has yet to break above the critical resistance at $0.237, a closer look at its current price structure reveals that bullish momentum is slowly unfolding.

The last few weekly candles have displayed higher lows, a sign that the bulls may be preparing for another attempt to reclaim territory lost during the crash in early April. Interestingly, a technical analysis of Dogecoin’s weekly candlestick chart shows that the meme coin is well on track for a 1,600% price surge.

Dogecoin price technical analysis: Long-term breakout from descending triangle

A technical analysis of Dogecoin’s weekly chart shows that the cryptocurrency recently broke out of a long-standing descending triangle pattern, a formation that had been in place since 2017.

This pattern was formed by a flat support base between $0.0030 and $0.0040, repeatedly tested during the early years, and a descending resistance line that connected major lower highs at $0.069, $0.018, and $0.010. After years of compression within the triangle, Dogecoin finally broke above this trendline with a powerful bullish candle in early 2021, supported by a notable increase in volume.

That breakout, which occurred at a critical juncture, led to an explosive rally to $0.737, but the price was unable to sustain those gains and entered a correction that brought it back to retest the original breakout region around $0.169. According to this outlook, the majority of Dogecoin’s price action in 2023 and 2024 has been consolidations just above this breakout point.

Dogecoin price could rise 1,600% after breakout from rectangle

The range between $0.130 and $0.237 has now formed a rectangular consolidation zone over the past two years. Although the Dogecoin price broke above this level in late 2024, it has since lost most of its gains and is now back inside this range. However, the current bullish candle shows Dogecoin approaching the top of this range.

If buyers manage to push the price above $0.237 with good volume, the move could cause a sharp continuation toward the next significant resistance around $0.400 to $0.450, just below where Dogecoin’s rally ended in late 2024. This projection is based on the measured move from the original triangle, adding its height to the breakout point, which places it at around $0.169.

But with strong market momentum and support from retail and institutional traders, the Dogecoin price could easily extend further. The final measured move in this case is a 1,600% surge until it reaches a price target of $2.3727.

Despite the promising long-term technical setup, some caution is advised as Dogecoin could face another rejection in the short term. A rejection at $0.237 would likely bring the price back to test the lower support region around $0.150.

The post Dogecoin price analysis: Is a 1,600% surge on the cards? appeared first on Crypto News.