Dogecoin (DOGE) on Verge of 50% Price Jump, Here's What You Should Know

There is new optimism in the Dogecoin (DOGE) community, and it could send DOGE/USD soaring to $0.24 — an almost a 50% increase from today's prices. In a new post, popular crypto chartist Ali Martinez detailed the setup, stressing that DOGE needs to stay above $0.16 for a bullish run to happen.

Right now, DOGE is trading at around $0.172, bouncing back from weeks of being stuck in a sideways pattern. On the chart Ali shared, there is a long-term ascending trendline dating back to late 2023, and DOGE has continued to respect it.

On top of that, a Fib retracement overlay shows that the $0.24 level lines up with a key zone between the 0.5 and 0.618 levels. Those are historically crucial ranges for price reaction.

The way things are set up right now looks like it is built for strengthening just above the ascending support and between two big liquidity levels. It has already bounced back up from the $0.14-$0.15 range a couple of times in the last few months, showing that buyers are stepping in.

With the price pushing against the diagonal trend line and getting back to previous local highs, it looks like the momentum is starting to swing in bulls' favour.

The market is still in the early stages, but this setup gives traders a technical roadmap: hold onto $0.16, hit $0.18 and then go for $0.24. Since the altcoin market is doing well right now, the DOGE price might benefit from some rotation flows, especially if meme coins see an uptick in interest.

But there is no guarantee that the upside will be there. If DOGE drops below $0.16 with high trading volume, the bullish outlook will likely weaken quickly. At the moment, the chart makes it obvious: hold the line, and a major rise could be coming.