Dogecoin’s price action is now back to an important price level that led to one of its biggest rallies in recent memory. As of April 2025, the meme coin has pulled back to retest the exact breakout point from a major bullish structure formed in late 2024, a move that may now decide whether a fresh all-time high is in sight or if its price is about to go on a deeper correction.
Symmetric Triangle Breakout Revisited
Technical analysis of the weekly candlestick timeframe chart shows that Dogecoin broke out of a multi-year symmetrical triangle in November 2024. The ensuing price action after this breakout was notable, as Dogecoin essentially released a wave of tension to the upside due to the intense buying momentum at the time. Interestingly, this buying momentum at the time eventually led to the meme coin breaking to new multi-year highs until it reached close to $0.5 in December.
The point of breakout in that formation in November 2024, which sits just above the $0.135 to $0.145 range, has now become the area of renewed interest. After peaking in December, Dogecoin has spent the majority of the past four months in a retracement. Consequently, the Dogecoin price has returned to this range and is retesting it as a strong support. This is a common behavior in many technical setups, where a cryptocurrency validates the former resistance as support before going on another rally.
The reaction to this retest will likely shape Dogecoin’s trajectory in the coming weeks. If the current zone holds firm, Dogecoin could tap into bullish energy again. However, this bullish energy would depend on the broader momentum in the crypto market. Holding above the November 2024 breakout point would confirm the strength of the structure and open up a path toward retesting $0.50 and possibly breaking above it. This would mark a significant shift toward reclaiming momentum, similar to what was seen late last year.
Failure To Hold Breakout Level Could Invalidate The Bullish Setup
The downside risk at this range cannot be ignored. A sustained move below the breakout zone would weaken the bullish case significantly, cause at a failed retest and turn the former support into resistance once again. In such a scenario, the support structure may become invalidated, leading to stronger selling pressure. This intense selling pressure could, in turn, drag Dogecoin to deeper support zones, possibly toward the $0.11 region or even lower, depending on the sentiment within the wider crypto market.
At the time of writing, Dogecoin is holding slightly above this crucial support zone, trading at $0.159. This positioning keeps the bullish scenario alive, as price action has not yet breached the key level. As long as Dogecoin maintains this footing, the setup for another rally is still intact. The question is just a matter of when this happens.
