In a surprising turn of events, Dogecoin could be on the brink of a significant upswing, according to crypto analyst Unichartz. The meme coin, often dismissed as a playful oddity in the cryptocurrency world, is displaying a potentially bullish pattern amid the current market turbulence—a development that could breathe new life into its value.
Rising Wedge Hints at Bullish Momentum
Unichartz, known for his sharp market insights, recently pointed out that Dogecoin is maneuvering within a rising wedge formation. This technical pattern, often indicative of an impending breakout, suggests that DOGE could be poised for a rally. “It’s all about flipping the resistance,” Unichartz noted, referring to the descending resistance line and the horizontal supply zone at $0.28, which Dogecoin must overcome to aim for the psychological $0.30 mark. This milestone hasn’t been seen since Dogecoin reached its multi-year high of $0.48 in 2024.
Currently, Dogecoin is valued at around $0.21, a figure that has been impacted by the broader crypto market’s decline. Bitcoin, the market’s heavyweight, recently hit an all-time high of $124,000 but has since faltered, dragging other cryptocurrencies down with it. Meanwhile, some large Dogecoin holders continue to accumulate, as discussed in Large Dogecoin Holders Are Still Stacking During the Market Correction.
The Stochastic RSI Factor
Adding another layer to the analysis, crypto analyst Kevin Capital highlighted the importance of Dogecoin’s Stochastic Relative Strength Index (Stoch RSI). In a recent X post, he emphasized that crossing the 20 level on this indicator could signal a shift in momentum for DOGE. “Anything below 20 shows weak momentum,” Kevin elaborated. Currently, the Stoch RSI is at 13, inching toward that critical threshold.
Kevin is optimistic, suggesting that a monthly Stoch RSI cross, combined with an uptrending monthly RSI, could set the stage for a significant Dogecoin rally. However, he tempered his enthusiasm with a note of caution: “Dogecoin needs Bitcoin’s strength and a favorable macro environment to truly take off.”
Historical Context and Future Implications
Historically, Dogecoin has been a rollercoaster of volatility and surprise. From its humble beginnings as a joke currency in 2013 to its celebrity-fueled spikes in 2021, DOGE has defied conventional market wisdom time and again. The current setup, if it materializes into a breakout, could reinforce Dogecoin’s reputation as the wild card of the crypto world. However, concerns remain as Dogecoin whales de-risk as DOGE price is in danger of dropping 45%.
Yet, several factors could influence this trajectory. The broader crypto market’s health, Bitcoin’s dominance, and even Ethereum’s performance in price discovery could all play crucial roles. As analysts like Kevin and Unichartz suggest, the stars may need to align for Dogecoin to achieve its potential breakout.
The coming months will be pivotal for Dogecoin. As it stands, the meme coin is at a crossroads—one where technical indicators and market conditions intersect. Whether this will lead to the next bull run remains a question of great interest to investors and crypto enthusiasts alike. What is clear, however, is that Dogecoin continues to captivate the market’s imagination, offering both intrigue and opportunity in equal measure.
Source
This article is based on: This Dogecoin Squeeze Could Kickstart The Next Bull Run
Further Reading
Deepen your understanding with these related articles:
- Ether, Dogecoin, Bitcoin Plunge Sees $900M in Bullish Bets Liquidated
- Bitcoin, Ethereum and Dogecoin Slide as Crypto Liquidations Top $900 Million
- Crypto Liquidations Top $500 Million as Bitcoin, Ethereum and XRP Sink Into the Weekend
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
