Dogecoin Will Surge 50% When $DOGE Breaks Through Important Resistance Level

Dogecoin has broken through a key resistance zone this week, confirming an important technical setup. Analysts are now turning their focus to $0.293 and $0.36 as potential bullish targets. This breakout also coincides with news from institutions that could drive the long term adoption of Dogecoin. Dogecoin Bullish After Breaking Out of the Trend Line Analyst Ali stated that the price of Dogecoin is heading towards an important supply zone at $0.36. According to his chart, based on Glassnode's UTXO indicators, the highest actual trading volume currently lies below $0.20. As the price increases, the resistance level gradually decreases due to the number of coins purchased at higher price levels in that zone being less.

Analysis shows that the group of holders with large volumes ultimately lies in the 0.36 zone. Breaking through this threshold, the supply line will gradually flatten, thereby reducing selling pressure. The price of Dogecoin may then move into a higher trading range if buyers continue to maintain control. The previous resistance levels have been surpassed by the move above the $0.20 mark. On-chain volume distribution indicates that price exploration may accelerate beyond $0.30. Dogecoin has increased by 12% in the past 24 hours, trading at $0.2361 at the time of writing. Analysts now consider $0.293 as the next technical testing zone, which could pave the way for a 50% increase to a target of $0.36. Selling walls at $0.293 may trigger a rapid bullish surge. Meanwhile, CW has shared a sell chart showing that the price of Dogecoin is approaching the main liquidity zone. In his analysis, he points out that the strong resistance level is between $0.27 and $0.293. This zone has consistently served as a limit for bullish phases over the past year.

The chart shows red bars, depicting dense sell orders stacked at this level. CW notes that if the price of Dogecoin exceeds $0.293, there will be no sell wall present above. This will pave the way for a bullish move to a new all-time high. The volume chart confirms strong accumulation below the resistance level. If the buyers continue to dominate, they may quickly break through the resistance zone. A daily close above $0.293 could significantly improve market sentiment. Dogecoin Breaks Through 400-Day Trend Line Moreover, ZAYK Charts has identified a breakout on the 400-day descending resistance line of Dogecoin. This move comes after a series of higher lows and a recent bullish move above the $0.22 zone. The price action of the meme coin currently indicates a bullish potential of 81% with a target of $0.43. The chart shows the distribution of long term compression, which strengthens the bullish momentum.

Moreover, the DOGE breakout price zone is between $0.22 and $0.25. Analysts' forecasts indicate that the bullish momentum may continue, provided that buyers maintain the new support level of $0.22. The RSI indicator is still not in the overbought zone, meaning there is still significant bullish potential. Bit Origin's Dogecoin Treasury Plan In a recent development, Bit Origin (NASDAQ: BTOG) announced plans to acquire $500 million worth of Dogecoin. This US-listed company intends to issue $400 million in stock and $100 million in convertible bonds. This will help Bit Origin become the first public company to add Dogecoin to its treasury. This move has strengthened long-term confidence in the legitimacy of Dogecoin as a reserve asset. Although the current stance on the buyback is still pending, the market has reacted positively. Meanwhile, Bit Origin's announcement comes at a time when the technical charts are shifting towards a bullish trend. The breakout of DOGE's price, combined with the support from institutions, signals an upcoming bullish phase for this meme coin. If both trends continue, the price of Dogecoin could extend its rally above $0.36 in the coming weeks.