Dogecoin Breaks Out: Is $0.50 Next for the Meme King?

On the technical front, Dogecoin has just snapped out of a multimonth symmetrical triangle. This isn’t just a doodle on a chart — triangles are continuation patterns, and when they resolve, they can unleash some serious momentum.

Trading volume tripled during the breakout. That’s not retail gamblers; that’s conviction buying. When liquidity spikes alongside price action, it’s a classic signal that big players are leaning into the move.

At the time of writing, DOGE trades around $0.29, but the triangle’s projected breakout target points to $0.60 — nearly a 95% gain if it plays out by October. Even more cautious chartists like CryptoKing and CryptoGoos are still targeting $0.45, which coincides with the upper boundary of a longer-term, multi-year triangle.

In other words, DOGE’s price prediction ceiling is higher than most people think. Dogecoin may still go to $1 this cycle.

Is Dogecoin cycle 3 loading? Source: X

Technical Support Levels to Watch

The bullish case isn’t bulletproof, though. If Dogecoin wants to keep this move alive, support around its 50-week EMA ($0.227) is critical. A decisive weekly close below that red wave, and things could unravel quickly toward the 200-week EMA near $0.215.

For now, momentum is in the bulls’ favor — DOGE’s RSI is healthy, and it hasn’t overheated yet. That means the coin still has room to run before sentiment tips into froth.

On-Chain Metrics Say: Not Overheated

Beyond charts, on-chain data is adding fuel to the bullish narrative. Dogecoin’s MVRV Z-Score sits at just 1.35. For context, this metric compares current prices to the average cost basis of holders.

When Dogecoin peaked near $0.70 in 2021, its Z-Score was an insane 20+ — a giant red flag that the party was about to end. Compare that to today’s tame 1.35, and you see why bulls are licking their chops. Holders aren’t overextended, meaning there’s headroom for another leg up.

Déjà Vu From Last November?

Last November, Dogecoin went on a 230% tear in a matter of weeks, and the on-chain setup looks eerily similar now. While history doesn’t repeat, it often rhymes — and Dogecoin has a knack for defying skeptics. In fact, Dogecoin ETFs are now available as support for DOGE increases.

So, Can DOGE Actually Hit $0.60?

Here’s the contrarian take: Dogecoin is both ridiculous and brilliant. On one hand, it’s a joke coin with no cap on supply and no clear development roadmap. On the other, it’s the only meme coin with true staying power — backed by a global brand, Elon Musk tweets, and an army of loyal internet degenerates who simply refuse to let it die.

A breakout to $0.45 looks conservative. A run to $0.60 isn’t outrageous. If crypto sentiment flips full risk-on, DOGE could once again become the poster child for irrational rallies and make it to one dollar.

Just remember — Dogecoin doesn’t play by the same rules as Bitcoin or Ethereum. It’s a social token masquerading as a cryptocurrency, and that means it can moon on memes just as easily as it can crash on silence.