How This Macro Breakout Strategy Indicates Dogecoin Could Reach $11

Dogecoin has struggled to regain the $0.3 mark due to a series of bearish trends over the past weeks. However, recent technical analysis suggests that it is poised for an upward breakout into double digits. Specifically, an analysis shared on the TradingView platform indicates that the Dogecoin price chart is currently forming a macro breakout setup that could propel it towards a target of $11.16.

Macro Breakout Setup Points to $11 for Dogecoin

A recent analysis on TradingView highlights a macro breakout setup that could drive Dogecoin to the $11.16 price target. This analysis underscores a solid technical framework underpinning this potential movement, with significant resistance and breakout markers creating a pathway for a prolonged upward trend. Importantly, the formation of key patterns this cycle further reinforces the bullish projection for DOGE’s long-term ascent.

A vital element of this setup is Dogecoin’s completion of an Adam and Eve pattern post-breakout in Q4 2024. During this breakout, Dogecoin surpassed significant multi-year resistance levels before hitting a crucial liquidity zone near $0.475. However, after reaching this level, DOGE encountered a pullback. According to the TradingView analyst, this rejection should not be interpreted as a weakness but rather as a crucial stage within the broader bullish macrostructure, establishing the necessary conditions for an enhanced re-accumulation phase.

Since reaching the $0.475 multi-year peak, Dogecoin has been in a retracement phase, currently trading slightly above a strong support level at $0.25. This support now acts as a re-accumulation base, expected to enhance buying pressure and act as a launchpad for the next significant price movement, assuming it maintains its position above this level.

This structural re-accumulation boosts the bullish forecast for a substantial upward movement. The analyst indicates that the complete measured move from this macro structure positions the target at $11.16.

Dogecoin Must Overcome Key Neckline Resistance

The analyst identified a key resistance zone that could invalidate the move towards the macro target of $11. This crucial resistance is situated near the neckline of the macrostructure. A successful break and hold above this point would likely trigger an acceleration above its previous all-time high.

This significant resistance is located around $0.70787, just under Dogecoin’s all-time high of $0.7316. Given Dogecoin’s current valuation of $0.26, an ascent to this resistance level would represent a notable 172% increase, already providing considerable returns for investors at present levels. Yet, reaching this resistance is merely a step towards the ultimate goal of breaking into double digits.

The anticipation is that a significant rally towards the neckline resistance could create the essential momentum for DOGE to enter price discovery, assuming the larger market environment remains favorable.