A fresh chart shared on X by the pseudonymous technician Charting Guy is stoking renewed bullish chatter around Dogecoin, suggesting that the meme-coin best known for its social-media cult could be setting up for a run toward the upper boundary of a multiyear rising wedge near $1.60.
A cluster of Fibonacci retracement and extension levels anchored to the chart’s swing low at $0.0491 and swing high at $0.7605 defines the roadmap that traders are watching. The token has already reclaimed the 0.382 retracement at $0.1399 and the psychological $0.20 handle, and is now hovering above the 0.50 zone at $0.1933 – ahead of the more technically significant golden ratio at 0.618 ($0.2671). Above that, fib-derived hurdles stack at 0.702 ($0.3362), 0.786 ($0.4232), and 0.888 ($0.5596), with the full retrace level at $0.7605 and the 1.272 extension demarcated at $1.6017 – precisely where the wedge’s ceiling converges in the analyst’s projection.
The overlay implies that a similar sequence has begun to unfold: DOGE revisited wedge support in late June, broke the internal trend line in mid-July, and retested it successfully this week– if the fractal continues to rhyme – could embark on a vertiginous sprint that terminates where the 1.272 extension meets the wedge roof just north of $1.60.
The monthly view reinforces the bullish undertone. Charting Guy points out that the Relative Strength Index (RSI) is on the verge of a bullish cross of its own moving average in the 50–55 band. The last time that crossover occurred, in early 2024, price embarked on the aforementioned 439 percent advance. While momentum has cooled since that high, the oscillator never broke down into oversold territory, suggesting, in classical technical parlance, that DOGE has been basing rather than topping.
Sceptics will note that the same wedge has twice rejected advances below $0.50, and that the memecoin still lives below every major high-time-frame supply shelf until $0.76. Yet the chart’s geometry leaves room for a rapid repricing should buyers clear the $0.27–0.34 resistance cluster: the “empty air” between the 0.702 and 0.888 fibs coincides with the steepest part of the wedge.
At press time, DOGE traded at $0.22.
