Dogecoin price is heating up and could be setting up for a major rally, according to a prominent crypto analyst.

If it can close a monthly candle above one key level, then it could open the door for a surge toward its previous all-time high.

What Happened: As noted by Ali, who is known for spotting key chart patterns, if Dogecoin (CRYPTO: DOGE) can close the monthly candle above the $0.20 resistance, then it could see a move toward its all-time high of $0.74.

The $0.20 resistance is an important level to watch. A monthly close above this threshold would be a strong indication of bullish momentum.

It could lead to increased interest from investors and pave the way for a full retracement toward the previous all-time high, which was reached during the 2021 bull market.

According to the chart shared by Ali, DOGE is still trading within a broad ascending channel on the monthly chart. A breakout from this structure could trigger more significant upside and bring more attention to the crypto.

Why It’s Important: Dogecoin is known for being one of the most volatile and sentiment-driven assets.

However, these types of technical setups, especially on a monthly timeframe, are rare and tend to be followed by large-magnitude price moves.

A confirmed breakout could not only reignite retail interest in the crypto but also bring more attention from institutions to altcoins.

What’s Next For Dogecoin? As Dogecoin trades at the key $0.20 level, traders will be looking for a monthly close above this threshold to signal the next leg of the bull market.

If this move plays out, it could bring Dogecoin back into the market in a big way.

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