Dogecoin continues to respect the important upward trend line that has existed since October 2024. Price action suggests that any pullback towards the $0.14 area could present a buying opportunity, as bullish technical patterns indicate the potential for the price to rise to the $0.30 mark.
The breakout of the Head and Shoulders pattern reinforces the bullish setup.
Dogecoin recently completed a breakout above the neckline of an inverse head and shoulders pattern, indicating an early-stage trend reversal. According to analysis prepared by Trader Alan on X, the neckline at $0.173 was broken with increased volume, validating the bullish setup.
After the breakout, DOGE remains above $0.173 and is currently trading above the 100-hour simple moving average. The RSI is above 50 on the hourly chart, while the MACD continues to move in the positive zone. These indicators support the idea of a continued upward move.
The current resistance is seen near $0.1790 and $0.1840. A sustained move above these levels could lead to a price surge to $0.20. If the price surpasses $0.1850, a broader move targeting the $0.30 level could follow based on higher time frame patterns.
Bull Flag and Falling Wedge Patterns Signal Potential Further Upside.
In addition to the inverse head and shoulders, other bullish formations have been identified. The descending wedge structure that started in late April is now nearing its upper boundary. This setup often precedes upward movement when the price breaks above the wedge's resistance.
A separate pattern identified as a bullish flag has been observed on the DOGE chart. According to World Of Charts' observations on X, a confirmed breakout could lift the price to $0.25. Confirming volume will support this scenario.
The long-term trend line of DOGE from October 2024 continues to be maintained. Sustaining support above $0.1650 could keep this structure intact. A drop near $0.14 would align with this trend and could create an accumulation opportunity before a recovery.
