Dogecoin Breaks Resistance Level $0.20: Strong Rise Could Open Up Journey to Conquer Previous Peak 0.70?

Dogecoin – the famous meme coin – is attracting strong attention from investors again after successfully breaking through the important resistance level of $0.20. At the time of writing, DOGE is trading around $0.203, up more than 5% in the past 24 hours and nearly 17% over the week. This development has sparked hopes for DOGE's return to the historical peak zone of $0.70 reached in 2021. Support Technical Model for Uptrend Before this breakout, the daily chart of DOGE formed a Hammer candle (hammer) – a signal that often appears at the bottom and indicates the potential for a bullish reversal. This candle closed at $0.192 after a deep pullback to $0.185 during the day. Combined with increased trading volume, the Hammer pattern further reinforces the reliability of the recovery trend. Notably, DOGE has broken out of the falling wedge pattern ( that has been in place since early June. The breakout occurred around the $0.175 level and has now been confirmed as the price remains stable above the $0.20 mark. In technical analysis, a falling wedge is a continuation pattern of an uptrend that is quite common and often appears during corrective phases. The price target projection based on the widest part of the wedge model places DOGE towards the zone of $0.43 – coinciding with the resistance area that appeared in 2021 and early this year. On-chain Indicators and Fibonacci Confirm Trends Not only do technical signals indicate, but on-chain data also shows clear support for the bullish trend of DOGE. Analysts have noted a fractal pattern similar to previous uptrends, accompanied by a significant increase in wallet activity – an indicator that shows the return of the community and new capital inflows. Additionally, DOGE is approaching the Fibonacci extension level of 1.618 at the zone of $0.351 – a threshold that often serves as a potential extension point in strong bullish waves. Intermediate Resistance Levels to Watch $0.25 – $0.30: This is a zone that once played a strong resistance role and could be a zone for technical correction before continuing the uptrend.$0.351: Fibonacci extension level, where the market may pause before heading towards higher targets.$0.43: Short-term target based on the descending wedge pattern.$0.70 – $0.75: Historical peak of DOGE – a mark that some analysts like CryptoKaleo expect to be challenged in the upcoming phase if the upward momentum is maintained. Conclusion: Can DOGE Lead a New Wave of Meme Coins? If Dogecoin continues to maintain its current bullish structure, along with support from cash flow and investor sentiment, the possibility of returning to the zone of $0.70 is no longer far-fetched. More importantly, DOGE is helping to reshape the investment narrative surrounding meme coins – from humorous tokens to influential assets in the new altcoin cycle. The market is currently in a sensitive phase, and DOGE, as the symbol of meme coin, could become a catalyst for a new explosion in the altcoin segment. Investors need to pay attention to the important price zones mentioned above, while also combining tight risk management to maximize the opportunities that DOGE is opening up. $DOGE {spot})DOGEUSDT(