Dogecoin Eyes $2.9 Target Following Historical Pattern Breakout

• Dogecoin up 5.2% over past week, currently testing $0.16 resistance.
• Analyst identifies third symmetrical triangle breakout since 2014.
• Address activity surges over 100%, signaling growing market interest.

Dogecoin (DOGE) has maintained a steady upward trajectory over the past week, gaining 5.2% as it climbed from $0.13 on April 9 to around $0.15. The popular meme coin is currently testing a crucial resistance level at $0.16, though it has experienced a minor 2.08% pullback in the last 24 hours.

Analyst Trader Tardigrade has identified potentially significant pattern formations on Dogecoin’s 3-day chart dating back to 2014. The analysis reveals a series of symmetrical triangle formations that have historically preceded major price breakouts.

According to Tardigrade’s analysis, Dogecoin has completed three distinctive triangle patterns throughout its history. Dogecoin’s historical price movements have followed a pattern of long-term symmetrical triangle formations, each preceding significant upward breakouts.

The first triangle formed between 2014 and 2016, leading to a breakout that pushed the price to $0.004 before entering a consolidation phase below a descending trendline. This setup eventually resulted in another breakout in mid-2017, with DOGE reaching a high of $0.0187 by January 2018.

Recent Dogecoin breakout could lead to a rally

A second symmetrical triangle formed between 2018 and 2021, following a similar structure and culminating in a sharp rally to Dogecoin’s all-time high of $0.74 during the 2021 bull market. Following the correction that came after, DOGE developed a third symmetrical triangle, which it broke out from in late 2024.

According to Tardigrade, this recent breakout may signal the beginning of another major price movement. The projected target is $2.90, which, based on Dogecoin’s current price of $0.1593, would represent a gain of approximately 1,593%. This outlook is consistent with a previous forecast made by analyst Scofield in November, who also anticipated a potential move toward $3.

Adding to the technical analysis, Ali Martinez has provided additional insights into Dogecoin’s recent price action. Analyst Ali Martinez observes that Dogecoin has stabilized around $0.145 following a pullback from its yearly high of $0.485. This current price level aligns with an ascending trendline that has been in place since November 2023 and has held as support on two prior occasions.

Martinez also mentioned that the technical picture may support a possible pump as long as Dogecoin stays above the $0.13 support level. Higher price objectives might become available if the $0.17 resistance zone is consistently closed above, possibly reaching $0.21 or $0.29.

On-chain metrics further strengthen the bullish case for Dogecoin. Address activity data shows the number of new addresses has surged by 102.4% in the past week, indicating strong new participant interest. Active addresses have increased by 111.32%, while zero-balance addresses have risen by 155.51%, suggesting robust ecosystem growth.