Dogecoin Closes on the Main Trend Line to Break Up to $1

Dogecoin is approaching an important technical trend line that could trigger the next big bullish move. After several months of falling pressure, analysts are keeping an eye on the possibility of a breakout toward the long-awaited target of 1 dollar. The $1 Dogecoin price target is closer than ever Cryptocurrency analyst Master Kenobi believes that the price of Dogecoin could reach the coveted target of 1 dollar before this market cycle ends. Based on his technical analysis, DOGE once again reflects the historical breakout pattern that previously led to a price surge. The analyst shared a Dogecoin price chart with two main sections marked. The first green box, from September to November 2024, shows a historical breakthrough that occurs after this meme coin surpasses an important downtrend line. Following this breakthrough, the price significantly increases in the next 55 days.

Notably, the downtrend line has acted as a strong resistance level for many months. However, with the current bullish momentum of Dogecoin, Master Kenobi believes that a strong breakout is imminent. Looking at the price action of DGOE, it seems that similar conditions for its previous breakout are forming again. Master Kenobi's technical analysis shows that a breakout above the current descending resistance line could trigger a similar bullish move, one that has the potential to take Dogecoin from its current price of $0.158 to $0.9 or even $1. Such a move would represent an incredible increase of about 533%.

Similar to previous trends, the current chart of Dogecoin shows the expected movement in the 55 days after the breakout, with the green arrow and shaded box indicating the path to the cautious target of $0.9. This will place the target window of Dogecoin in the first few weeks of June, closely aligning with the historical timeline from the last major breakout. In addition to the optimism, the Relative Strength Index (RSI) of Dogecoin is currently around 43.35 — a level often considered neutral to oversold. The current descending resistance line has been tested multiple times, meaning a clean daily close above this level could trigger the next major bullish move for Dogecoin. The RSI of Dogecoin changes from fall to bullish. Dogecoin is showing promising signs of a bullish reversal after breaking out of a key technical pattern on the 4-hour chart. According to recent chart analysis by cryptocurrency analyst Trader Tardigrade, Dogecoin has escaped from the Falling Wedge pattern and is preparing for a continuation of the bullish trend. The breakout has been confirmed as the RSI crossed above 50, signaling a shift from bearish to bullish sentiment in the trading community.

Before the breakout of the Falling Wedge, Dogecoin was trading in a bearish channel, characterized by lower highs and lower lows. This pattern often precedes a bullish price movement, and Dogecoin seems to be following this trend. Therefore, analysis shows that Dogecoin may push up to stronger resistance levels in the short term.