- Dogecoin price forms a bullish pennant on the 2H chart, targeting $0.275 after a confirmed breakout and apex retest.
- DOGE futures open interest rises 10% to $4.59B, reflecting increased market participation and bullish sentiment.
- Daily chart shows DOGE nearing $0.27 resistance; a breakout above $0.29 could trigger a rally toward $0.50.
Dogecoin price is gaining strong bullish momentum, fueled by a 20% price rally from recent lows and a sharp rise in futures open interest. Technical patterns like the bullish pennant, coupled with key resistance retests and increasing volume, signal growing confidence among traders. With market sentiment aligning and price structure strengthening, dogecoin price appears poised for a significant breakout that could redefine its short- to mid-term trajectory in the crypto market.
Dogecoin Price Eyes Breakout as Bullish Momentum Builds Toward $0.275 and Beyond
Dogecoin price has shown significant bullish momentum recently, rallying nearly 20% from its weekly low of $0.21, signaling renewed trader confidence. According to Coinglass data, dogecoin price futures open interest has surged by 10% to $4.59 billion, indicating a strong influx of capital and positioning in the derivatives market. This uptick in open interest, especially during an upward price move, often reflects growing bullish sentiment and conviction among market participants.
On the 2-hour timeframe, a bullish pennant has clearly formed — a textbook continuation pattern that typically follows a sharp price move. The flagpole represents the aggressive price spike from last week, and the subsequent symmetrical triangle (pennant) reflects a period of consolidation and reduced volatility.
This pattern culminates in a breakout at the apex, which has already occurred, followed by a retest of the breakout zone, affirming its validity. This retest of previous resistance, now acting as support, is a healthy signal of trend continuation. The measured move projection suggests a price target of $0.275, aligning with the previous local highs and a critical psychological resistance level.
Zooming out to the daily chart, dogecoin price is seen trading within a horizontal range between $0.205 and $0.270. This sideways structure has persisted for several months, acting as a base accumulation phase after a prolonged downtrend. The current price action around $0.238 is approaching the top of this range, and multiple failed breakout attempts at $0.27 suggest it is a formidable resistance level. However, the higher low formed in late August suggests bulls are gaining strength and could be preparing for a major breakout.
Crypto analyst Ali Martinez has expressed that if DOGE breaks the $0.29 resistance with significant volume, the door opens for a potential 100% rally toward $0.50. This aligns with historical breakout behaviors of dogecoin price, where once key levels are breached, momentum and speculation drive parabolic moves.
In conclusion, technical and derivative data both point toward a bullish bias in the near term. A clean breakout above $0.27 and confirmation above $0.29 with volume would likely accelerate the rally. Traders should watch for continuation patterns and volume spikes to confirm breakout sustainability, while downside remains limited by strong support at $0.205.
