Dogecoin Price Repeating 2024 Setup With Retest Of Fib Fan Before Possible Breakout Wave

Dogecoin is at a technical area that will look very familiar to traders who followed its 2024 rally. The weekly chart shows Dogecoin is pressing into a long-term Fibonacci fan structure drawn from the 2021 peak, with the current retest coming near the 0.618 Fib fan after a similar 0.5 Fib fan retest preceded the large move in October 2024.

This technical setup does not confirm a breakout on its own, but it places Dogecoin at one of its most important weekly decision points in months.

The main idea of this technical analysis is that Dogecoin is still trading inside a long-term descending resistance structure that began from the 2021 all-time high price of $0.7316. However, the analysis also uses an interesting Fibonacci waves indicator in the form of expanding fan lines extending from the memecoin’s peak price.

These lines have acted as long-term resistance and breakout markers across DOGE’s post-2021 structure. Price spent much of 2022 and 2023 below these fan lines, only pushing into stronger recoveries when it reclaimed one of them.

The comparison is the October 2024 retest. At that time, DOGE fell below the 0.5 Fib fan area, held the structure below for a while, and then followed with a rally that sent its price to as high as $0.48 in December 2024. The chart now shows a similar retest developing around the 0.618 Fib fan, with the Dogecoin price currently trading around the $0.10 to $0.11 range.

Dogecoin Price Chart. Source: @_CryptoSurf On X

Dogecoin’s current interaction with the indicator shows it may be checking whether another Fib level can behave like support. If it holds, the setup will mean that Dogecoin is building another base at a Fib fan level similar to the Q4 2024 run. 

The ideal scenario for a bullish run is that DOGE holds above $0.095, pushes through $0.115, and begins climbing back above $0.14. That would make the 0.618 Fib fan retest look more like the October 2024 setup, where a technical hold came before a larger wave. 

On the other hand, if the setup fails, the repeat pattern loses credibility, and the Dogecoin price may return to lower support zones. A weekly breakdown below $0.095 would weaken the current pattern and lead to a consolidation between $0.095 and $0.08.

Dogecoin’s current price structure is not yet bullish, but if history is any precedent, the bullish playout is the most possible scenario, as Dogecoin has never spent a notable amount of time below any Fibonacci fan level.

At the time of writing, Dogecoin is trading at $0.1028.

Featured image from Pixabay, chart from TradingView