Dogecoin Targets $1.20 As Weekly Chart Shows Strong Uptrend Channel

Dogecoin has formed a steady uptrend with higher highs and higher lows since late 2023.

A breakout above $0.28 could open the path toward $0.46 before the $1.20 target.

The weekly chart channel structure shows strong support and consistent bullish movement.

Dogecoin (DOGE) is trading at $0.2446, gaining +4.56% in the latest session, with technical patterns pointing toward a potential rally to $1.20. The weekly chart indicates the cryptocurrency remains in a long-term ascending channel, with a series of higher highs (HH) and higher lows (HL) intact.

Long-Term Ascending Channel Structure

The chart reveals a consistent upward price trend since late 2023, beginning with a low near $0.055 before initiating a sustained bullish cycle. Dogecoin has maintained its position within parallel rising trendlines, which have acted as dynamic support and resistance over multiple market phases.

Historical highs within the channel have been marked as HH points, each surpassing the prior peak. These formations occurred during significant momentum surges, with strong follow-through in weekly candle closings above prior consolidation ranges.

On the downside, higher lows have repeatedly formed near the lower boundary, signaling consistent accumulation interest from buyers during retracement periods. This price structure has been respected through multiple market cycles, increasing the reliability of the current projection.

Current Position and Technical Outlook

DOGE is currently positioned near the midline of the channel, recovering from a series of consolidation weeks. The price recently bounced from the latest HL zone, which was established in the $0.145 area earlier in the year.

A breakout above $0.28 could trigger the next impulsive move toward the $0.46–$0.50 range, according to the projected green path on the chart. Beyond that, the upper channel resistance near $1.20 represents the final technical target in this setup.

Momentum remains favorable, with the pattern showing no signs of structural breakdown. Maintaining higher lows increases confidence among trend-following traders, who often target upper channel boundaries for profit-taking.

Historical Context and Potential Path

Past performance within the channel has shown DOGE’s ability to sustain extended upswings after breaking midline resistance. The first HH breakout pushed prices from roughly $0.09 to $0.45 in under three months, while the second HH rally advanced from $0.15 to $0.73 within a similar period.

The projected path on the chart mirrors these historic surges, suggesting a stepped advance with consolidation phases before retesting higher targets. Each step aligns with previously observed percentage gains, supporting the plausibility of the forecast toward $1.20.

However, failure to maintain momentum above $0.28 could delay the move and keep the asset in its current consolidation range. Traders are monitoring volume patterns closely to confirm the breakout, as sustained inflows typically accompany DOGE’s largest price expansions.

With the ascending channel structure still intact and the latest higher low established, could Dogecoin be entering its next major rally phase toward a new all-time high?