The when will pi be launchedDogecoin market has shown remarkable resilience over the past 96 hours, posting a 17% gain that's caught the attention of prominent technical analysts. Two respected chart specialists - Rekt Capital and Henry of LordOfAlts - have identified what appears to be a significant technical formation developing on DOGE charts, potentially signaling an imminent price expansion.
The $0.22 Threshold: Dogecoin's Make-or-Break Level
Rekt Capital's recent weekly chart analysis spotlights three crucial price zones for DOGE/USDT: $0.159 as support, $0.204 as interim resistance, and most importantly, the $0.22 level that represents pre-halving highs. The analyst emphasizes that Dogecoin's medium-term direction will likely be determined by its ability to achieve a weekly close above this psychologically significant $0.22 benchmark.
Market technicians note that the recent dip below $0.22 may constitute what's known as a 'downside deviation' - a temporary false breakdown that often precedes strong recoveries. The presence of pronounced wicks near $0.20-$0.22 suggests intense volatility as the market retests March's high-water marks. These price fluctuations could represent the final shakeout before establishing a new support base.
From a technical perspective, the $0.22 level serves as a critical pivot point. A confirmed weekly close above this threshold would strongly suggest buyer dominance returning to the market, potentially opening the path toward higher resistance zones between $0.28 and $0.338 - areas marked by historical significance on longer-term charts.
Historical Patterns Suggest Potential Upside
Independent analyst Henry has identified a compelling technical structure developing since late 2024 - a multi-month falling wedge pattern that bears striking resemblance to Dogecoin's 2024 price action preceding its last major rally. This technical formation, characterized by converging downward-sloping trendlines, typically resolves with upside breakouts.
The current wedge formation connects progressively lower highs since DOGE's peak above $0.48, with the lower boundary tracking a series of descending lows. What makes this pattern particularly noteworthy is its similarity to the setup that preceded Dogecoin's 365% surge beginning October 2024. The recent breakout from this wedge formation suggests the possibility of another significant upward move.
While avoiding specific price predictions, Henry draws attention to historical precedents, noting that similar technical setups in September 2024 preceded moves toward $0.50 and eventually $1.00 levels. The analyst's commentary concludes with a simple yet powerful observation about cryptocurrency market cycles and their tendency to repeat familiar patterns.
At current market prices, Dogecoin trades around $0.19583, having shown notable strength against both Bitcoin and stablecoin pairs in recent sessions. Market participants appear to be positioning themselves for potential volatility as these key technical levels come into play.
