Dogecoin is facing an important breakout barrier, could it reach the $0.25 mark?

Dogecoin (DOGE) is fluctuating around a significant resistance level as the crypto market is experiencing a slight 下行 trend. Notably, market analysts are following closely the potential breakout towards $0.25.

Volatility occurs after the price moves within a narrow range, indicating that pressure is building. This raises questions about the next move of the token.

Analysis of Dogecoin's breakout potential

According to recent updates, DOGE has surpassed the strong resistance area around $0.2250, attracting the attention of market analysts.

Ali Martinez shared a chart showing a falling wedge pattern, a technical pattern that often indicates an upcoming breakout.

Meanwhile, BitGuru, a website specializing in cryptocurrency, reported that DOGE has surpassed the $0.190 mark, reaching $0.215 before returning around $0.2 at the current time.

Analysis of DOGE price | Source: BitGuruBitGuru also notes that the price increase began after DOGE formed a bottom around $0.143 and surpassed resistance levels at $0.172 and $0.175.

Previously, DOGE had plummeted from above $0.1350, found support near $0.1180 and bounced back afterwards.

This recovery has pushed the price above the 23.6% Fibonacci retracement level of the move from $0.1349 to $0.1179.

Ali Martinez's chart shows that DOGE needs to hold and close above $0.2250 to confirm a breakout from the wedge pattern.

If that happens, the DOGE price targets set at $0.2320 and $0.2350 may appear.

Dogecoin price forecast | Source: Ali MartinezBreaking through the $0.24 level could open up opportunities towards the $0.25 area, a level that traders have been following for a long time.

So far, the price continues to fluctuate below $0.2250, in line with the 100-hour simple moving average and the downtrend line.

If the DOGE bulls cannot push the price above this level, the support level may be tested again near $0.1200 and $0.1150. A deeper fall could even bring this top memecoin back to $0.1120.

Can Dogecoin surpass $0.25?

The possibility of Dogecoin reaching the $0.25 mark in the short term is still uncertain. However, analysts point out that the descending wedge pattern is a positive signal, although no breakout has been confirmed yet.

Similar cases in the past have led to price volatility in both directions.

The overall market conditions also play an important role. Bitcoin reached $118,393 before falling near the important Fibonacci resistance level.

This indicates limited volatility, which could slow down the breakout speed unless leading market investors take strong actions.

The continued rise in the price of Bitcoin or Ethereum could create momentum for Dogecoin.

Meanwhile, the activity of whales around DOGE seems stable, with no significant signs of accumulation or selling from large holders.

Traders follow important levels and wait for confirmation.

The prospects of DOGE in mid-July depend on whether the price can surpass the threshold of $0.2250.

This level continues to be maintained as a strong resistance for the upward trend. A close above this level could trigger a price increase towards $0.2320, followed by $0.2350.

Success in surpassing the threshold of $0.24 will attract attention from investors, paving the way towards $0.25.

On the negative side, if the resistance level remains unchanged, this memecoin could slide back to the nearby support zones of $0.1180 or even $0.1150.

Currently, traders are still closely following the charts, waiting for a clear move. The confirmation of a breakout could attract short-term buyers and increase momentum.

Until then, the price of DOGE remains in a neutral zone, with pressure to move in both directions.

Vincent