Dogecoin has recently surged past the critical $0.23 threshold, reaching approximately $0.236 at the time of reporting, marking an impressive weekly gain exceeding 20%. This upward momentum occurred as Bitcoin remains steady slightly above the $120,000 mark, a crucial point many analysts consider pivotal for the broader altcoin market.
Technical analyst Kevin (@Kev_Capital_TA) shared a daily DOGE/USD chart on X, highlighting Dogecoin’s price movement, which broke a multi-month downward trend line first surpassed last November. Since then, the price has revisited this diagonal trend line three times, each instance highlighted by Kevin in orange, indicating what he terms “classic post-breakout behavior.”
“It’s only a matter of time before #Dogecoin climbs back to the $0.28-$0.30 range and beyond,” he commented. “Provided BTC maintains its strength, this move should occur sooner rather than later.”
Dogecoin Price Projections
Kevin’s analysis is centered on a cluster of Fibonacci retracement levels that define the right side of his chart. The immediate resistance points are the 0.618 and 0.65 retracement levels—roughly $0.261 and $0.285, respectively—followed by 0.703 at $0.329 and the 0.786 level at $0.413. Below, the 0.5 retracement at $0.190 has served as a support level throughout July, while 0.382 at $0.138 is considered the last defense for medium-term optimists.
Beyond the standard retracement framework, Kevin envisions a set of ambitious Fibonacci extension lines—1.618 ($3.97), 1.65 ($4.33), and 1.703 ($5.00)—suggesting that Dogecoin could experience a sharp increase if liquidity conditions resemble those of 2021.
However, he emphasizes that these targets depend on Bitcoin surpassing the $120,000-$123,000 range and ideally pushing towards $140,000-$150,000, where resistance significantly diminishes.
“People often overlook that #BTC influences this market, and if BTC declines, everything else will follow. BTC needs to break $123,274—no exceptions. Lingering at this level for too long is not favorable,” he stated.
Related Reading: Dogecoin Set for a Major Surge as Altcoin Season Looms
Currently, Bitcoin’s stagnant performance below its peak has dampened altcoin enthusiasm. The larger market context is complicated, as Kevin points out, “BTC, Total 2, ETH, and many other altcoins are facing major resistance—it’s not the time to take unnecessary risks. Missing the lows is unfortunate, but don’t give in to FOMO at major resistance points.”
If Bitcoin achieves the breakout anticipated by analysts, the DOGE/BTC pair could see a significant upswing, supporting Kevin’s belief that the memecoin is “catching up” and may be ready for a substantial percentage increase once the broad market trend resumes.
With Dogecoin currently testing its 0.618–0.65 resistance range, traders are monitoring for a daily close above $0.285 to validate the next upward movement. Conversely, failure to maintain above the wedge top near $0.19 could delay the positive outlook and expose the post-breakout retest area to vulnerability.
At the time of writing, DOGE is trading at $0.242.
