Dogecoin Price Approaches Key Trendline Ahead of Potential $1 Breakout

The Dogecoin price is approaching a crucial technical trendline that may trigger a significant rally. Analysts predict a potential breakout toward the $1 target after recent downward pressure.

$1 Dogecoin Price Target Closer Than Ever

Crypto analyst Master Kenobi forecasts that DOGE could reach $1 by the end of the current market cycle, citing a historical breakout pattern. Key points include:

A previous breakout led to a substantial price surge over 55 days.
The descending trendline has been strong resistance but shows signs of weakening.
A breakout above this line could elevate DOGE from $0.158 to $0.9 or even $1, indicating a potential gain of approximately 533%.
Current projections suggest a target window in early June, aligning with past breakout patterns.
The Relative Strength Index (RSI) at 43.35 indicates a neutral to oversold zone, supporting bullish momentum.

Dogecoin RSI Shifts From Bearish To Bullish

Recent analysis shows Dogecoin exiting a Falling Wedge formation, signaling an uptrend. Notable points include:

The breakout was confirmed as the RSI crossed above 50, indicating a shift to bullish sentiment.
Prior trading showed a downward channel, typical before upward movements.
Analysts expect Dogecoin to approach stronger resistance levels soon.