The price of Dogecoin has successfully retested a key support level, indicating signs of a potential significant rebound. Market analysts believe that this could pave the way for Dogecoin to reach new highs, as historical data suggests that a significant upward trend may be imminent.

Dogecoin key support level retest shows upside potential
According to the latest analysis, the dogecoin has completed the final retest at the support level of $0.31. This pattern is consistent with past price cycles, as dogecoin typically experiences a consolidation phase before a explosive growth.

The historical trend chart since 2014 shows that Dogecoin has experienced sideways trading, breakthroughs, and rapid rallies multiple times. In past market cycles, Dogecoin usually retraces to test new support levels before a significant rise.

For example, in 2017, Dogecoin soared to $0.02 after testing the support level near $0.00095. A similar situation also occurred in 2021, with Dogecoin price breaking through $0.7 after confirming the support level. Analysts point out that Dogecoin may be repeating this pattern, which could lead to a new round of substantial gains.

The current forecast shows that Dogecoin may reach a new high of $4.5, an increase of over 1,300% compared to the current price.

Symmetrical Triangle pattern indicates an imminent breakout
Further analysis points out that a symmetrical triangle pattern has emerged on the Dogecoin trend chart, indicating the current consolidation phase. Such patterns are typically seen as the starting point for future breakouts, suggesting that Dogecoin may soon see a bullish trend.

The upper rail of the triangle is around $0.32, consistent with the current trading price of Dogecoin. Analysts predict that if this resistance level is broken, Dogecoin is expected to rise to $0.355 in the short term.

Despite a 25% drop in the price of Dogecoin over the past month, from $0.4 to $0.32, the market outlook remains optimistic. Despite reduced market volatility, traders believe that once the anticipated breakthrough occurs, this well-known 'meme coin' will resume its upward trend.

The price trend of Dogecoin continues to reflect historical patterns, further fueling speculation in the market about the upcoming new round of significant increases.