Dogecoin aims for a breakthrough: Will it break the barrier of $0.2450?

According to the latest technical chart analysis, Dogecoin (DOGE) is consolidating below a key resistance point. At the time of writing, the asset is at $0.2193, 1.23% lower than yesterday. Despite the short-term retracement, technical indicators suggest that DOGE may be preparing for a potential breakout towards the $0.40 level, an important psychological and historical resistance. DOGE faces resistance at 0.2450 dollars amid consolidation. The daily candlestick chart shows that DOGE is forming the "first leg" upward after a continuous accumulation period from March to April 2025. The price action is encountering strong resistance near the $0.2450 zone—a horizontal range where previous bullish attempts were rejected earlier in the year. This level is currently acting as a ceiling, limiting upward movement.

The red resistance bands are marked on the chart outlining two key zones: the immediate resistance between $0.24 and $0.26 and the key resistance near $0.40, which was last tested in early February 2025. The pattern suggests that DOGE may oscillate within this consolidation range, testing the upper boundary multiple times before any decisive move occurs. Market activity and volume trends The 24-hour trading volume was $1.67 billion and fell by more than 40%, reflecting pessimistic sentiment. The market cap is $32.72 billion with a circulating supply of 149.34 billion DOGE. The volume-to-market capitalization ratio of 5.12% indicates moderate revenue, which may limit volatility unless accompanied by a spike in demand. Possible scenarios and price outlook If Dogecoin maintains a price above $0.2150 and then surpasses $0.2450 due to increased buyer attention, the price could rise to $0.28 in the near future, with the next key target being $0.40. On the bearish side, if the support level above is not maintained, DOGE could drop to $0.2050 or even retest the $0.1980 area, especially if the overall market momentum weakens. For today, a closing price increase will see DOGE rise to $0.2260, while a bearish reversal will see the price drop to around $0.2130. The short term is neutral to slightly positive as long as the asset remains within the consolidation range.