Key Takeaways:
Dogecoin gains over 2% after forming a bullish double bottom around $0.157.
Rally aligns with Bitcoin’s rebound from $105K to $107K.
A breakout above $0.17 is needed to confirm a bullish trend reversal.
Volume spikes and ascending channel suggest rising buyer interest.
Dogecoin (DOGE) has regained momentum, climbing over 2% to $0.1617 after forming a bullish double bottom pattern in the $0.157–$0.158 range, according to data from CoinDesk and TradingView.
The meme coin’s recovery tracks a broader market rebound, with Bitcoin (BTC) rising from $105,200 to over $107,600 during the same period.
Double Bottom Pattern Signals Potential Reversal
CoinDesk AI analysis shows DOGE carved out a classic double bottom—a bullish reversal pattern characterized by two equal lows and a breakout above the interim high—supported by above-average trading volume, particularly between 13:00 and 14:00 UTC on July 1.
Following this formation, DOGE posted a steady rise, closing July 1 at $0.161 with sustained buyer interest. Over the early hours of July 2, DOGE maintained strength, rising from $0.1605 to $0.1611—a 0.36% gain—within a well-defined ascending channel.
Resistance at $0.17 Critical for Trend Reversal
Despite the intraday bullish momentum, Dogecoin’s broader downtrend remains intact, marked by a series of lower highs since mid-May. For DOGE to invalidate this bearish structure, analysts say a confirmed breakout above $0.17—its most recent lower high from the weekend—is required.
“Until DOGE clears $0.17 on convincing volume, the broader trend still leans bearish,” said technical analysts monitoring the pattern.
Volume Confirms Buyer Commitment
During DOGE’s mini rally on July 2, key volume spikes were recorded at 06:06 and 06:07 UTC, with trades exceeding 4.4 million and 6 million tokens, respectively. These volume surges, along with the hourly close back at session highs, underscore renewed buyer conviction.
DOGE’s near-term outlook remains bullish as long as the $0.157 support holds, but traders will be watching closely to see if bulls can push the price past the critical $0.17 breakout zone—a move that could mark a deeper shift in momentum, according to CoinDesk.
