DOGE has confirmed an Inverse Head and Shoulders pattern with a breakout above the $0.17 neckline level.
A successful retest of the $0.17 level positions DOGE with a potential price movement towards the projected $0.34 target.
The breakout and retest came with strong volume, supporting ongoing buyer interest and bullish market behavior for DOGE.
Dogecoin (DOGE) has formed a classic bullish reversal pattern, signaling the possibility of a strong upward move. The current setup reflects a textbook Inverse Head and Shoulders formation, known to precede upward trends in technical analysis.
Inverse Head and Shoulders Pattern Confirmed
According to a tweet from Bitcoinsensus, DOGE has recently confirmed an Inverse Head and Shoulders pattern. The neckline of the formation is positioned around $0.17. The price has broken above this neckline, which often suggests a potential shift in market direction.
The breakout indicates the beginning of a possible bullish trend. Following the breakout, DOGE is now undergoing a typical retest of the $0.17 neckline. This retest is considered a technical behavior where the resistance flips to support.
Source: Bitcoinsensus
A strong hold at this level is critical. If buyers maintain pressure during the retest, a continuation toward the target is likely. The pattern’s vertical distance projects a target price of approximately $0.34.
Technical Retest and Price Action
DOGE was priced at $0.183 as of writing, with a 1.66% increase in the last 24 hours. Trading volume stands at $795,065,626. The asset is now testing the neckline breakout zone, which can be a key support area moving forward.
Breakout retests like these are common in bullish continuation setups. If this support level holds, the market could see increased buying momentum. The confirmation of support often acts as a launchpad for further gains.
Traders are closely monitoring the retest for signs of sustained demand. Holding above the neckline would maintain the bullish structure of the pattern. A failure to hold could invalidate the bullish outlook.
Bullish Target and Market Potential
Based on the chart analysis shared in the tweet, the projected price target from the breakout is approximately $0.34. This estimate is calculated by measuring the vertical distance from the pattern’s head to the neckline and projecting that distance above the breakout point.
This target reflects a potential 100% increase from the $0.17 breakout level. For traders observing DOGE, the confirmation of this move would depend on the neckline acting as a strong support zone. The pattern’s accuracy relies on the completion of this retest phase, which remains a focal point in current market conditions.
DOGE remains in focus as the current price action plays out near this critical support zone.
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