Dogecoin (DOGE) on Verge of Breakout of Year

Dogecoin (DOGE), probably the most popular meme coin in the world, might be getting ready for a big jump up, according to the latest outlook by popular crypto chartist Ali Martinez. The core of such an assumption is how the DOGE price is hanging right above a price floor that's become one of the most important levels in recent trading history of Dogecoin.

After months of sideways drift and lots of failed attempts to break down, the meme cryptocurrency is now stuck in a small range between $0.15 and $0.18, but the outlook points to a possibility of a big jump to as high as $0.22 — almost 50% from the current price.

A long-term rising trend line in question has been stretching for Dogecoin since late 2023, and it keeps bouncing back off this diagonal support even though the momentum elsewhere is fading, which suggests that there's accumulation happening behind the scenes.

The odds of a move higher, especially if $0.15 continues to hold, are starting to build in a bullish way that hasn't been seen since the rally earlier this year.

The $0.22 target isn't just some random number too, being right above a Fibonacci retracement cluster, which is also where a Dogecoin price shelf stopped previous rallies in April and May.

But, and it's the major one, this level could be a place to start taking profits again for those who weighed in early into DOGE. Plus, if the breakout is strong, momentum traders might jump back in with both feet.

To sum it up, if Dogecoin hits $0.18 with volume, it could skyrocket to $0.22, especially with the low liquidity that's currently in the meme coin market.

What makes this setup stand out is not just the structure itself, but the timing. With Bitcoin trading sideways near the all-time high, traders are once again looking at altcoins with asymmetric potential — and Dogecoin, whether you like it or not, still gets a lot of attention when it starts moving.