Dogecoin is showing strong momentum in the current weekly chart, having just broken out from months of accumulation with a powerful upward impulse. In the past few weeks alone, Dogecoin has surged from below $0.14 to over $0.22. Recent crypto market price action in the past 24 hours has seen the king of meme coins back above $0.24, and away from a consolidation range between $0.21 and $0.235 that enclosed its price action in the past week.
However, according to one widely followed indicator, Dogecoin’s bullish move may only just be beginning.
Stochastic RSI Repeats 2024 Signal Before 243% Breakout
Crypto analyst Trader Tardigrade has drawn attention to an interesting signal on Dogecoin’s weekly Stochastic RSI. Taking to a post on social media platform X, the analyst noted that the current setup mirrors the exact technical structure seen before Dogecoin’s price exploded by over 243% between November and December 2024.
The key moment before the remarkable surge was the crossover of the Stochastic RSI lines, which pointed to the beginning of a sustained uptrend. That same crossover has just occurred again, with the lines curling up aggressively and entering what the analyst Trader Tardigrade labelled a strong uptrend zone.
The accompanying chart shows that in late 2024, this exact RSI formation was followed by a vertical move from roughly $0.10 to $0.48 within six weeks. The visual analysis in the chart below marks the breakout zone with a thick brown rectangle, showing the identical Stochastic RSI trigger and subsequent price rally back in 2024. This is highlighted by a low base, followed by an aggressive breakout, and confirmed by a bullish RSI momentum shift.
$0.75 In Sight For Dogecoin
When this analysis was shared, Dogecoin was trading slightly above $0.22 and was maintaining solid weekly gains after rebounding sharply from $0.215 on Monday, May 20. This bounce was a key reaction at the growing support zone here based on the breakout structure that has formed from $0.14 since early April.
If Dogecoin follows the same trajectory as it did during the final quarter of 2024, a 243% rally from the $0.22 price level would set a price target close to $0.75, effectively placing it trading within new all-time high price levels.
Interestingly, price action in the past 12 hours has seen Dogecoin kick off early momentum above $0.22. At the time of writing, DOGE is trading at $0.2425, having increased by 7.6% in the past 24 hours. If Dogecoin repeats its late 2024 breakout, we could see its price trading at around $0.75 sometime in late June, according to Trader Tardigrade’s projection. However, the first step would be to break above a strong resistance zone at $0.25.
Featured image from Getty Images, chart from Tradingview.com
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