Dogecoin has yet to reclaim the $0.3 price level due to bearish price action in the past few weeks, but technical analysis shows that it is destined for a run above double digits. Particularly, a technical outlook shared on the TradingView platform indicates that the Dogecoin price chart is currently playing out a macro breakout setup that could send it toward the $11.16 price target.
Macro Breakout Setup Says Dogecoin To $11
A new analysis on TradingView outlined a macro breakout setup that could push Dogecoin toward the $11.16 price target. The analysis highlighted a well-defined technical structure supporting this move, with key resistance and breakout levels forming a roadmap for a long-term rally. Notably, the completion of some crucial formations this cycle also lends weight to the outlook of DOGE’s long-term rally.
A crucial aspect of this setup is Dogecoin’s completion of an Adam and Eve structure following its breakout in Q4 2024. This breakout saw Dogecoin surge above multi-year resistance levels before reaching a critical liquidity zone around $0.475. However, after tapping this level, DOGE faced a rejection. According to the analyst on TradingView, this rejection is not a sign of weakness but rather a necessary part of the broader bullish macrostructure, as it sets up the conditions for a stronger re-accumulation phase.
Dogecoin has been retracing since it reached this $0.475 multi-year peak within a corrective ABC structure. This retracement now puts DOGE trading just above a strong support at $0.25. Now functioning as a re-accumulation base, this support region is expected to reinforce buying pressure and serve as a launchpad for the next significant price movement, provided it can continue to hold above.
This structural setup at the re-accumulation strengthens the bullish outlook and a stronger move upwards. According to the analyst, the full measured move projection from this macro structure places the macro target at $11.16.
Dogecoin Needs To Break Neckline Resistance
The analyst noted a critical resistance level that could invalidate the breakout to the macro target at $11. Notably, this critical resistance is located around the neckline region of the macrostructure. If Dogecoin successfully breaks and holds above this level, it would trigger a move above its current all-time high.
According to the analysis, this key resistance is set near $0.70787, which lies just below Dogecoin’s all-time high of $0.7316. Given Dogecoin’s current price of $0.26, a surge to this resistance level alone would represent an impressive 172% increase, already offering substantial returns to investors at current levels. However, reaching this resistance is not the end goal for price. The end goal is breaking above double digits.
The expectation is that a strong rally to the neckline resistance could generate the necessary momentum to push DOGE into price discovery, provided the broader market remains bullish.
Featured image from Adobe Stock, chart from Tradingview.com
