Dogecoin’s price has fallen to $0.1698 today, as the cryptocurrency market has dropped 3% in the past 24 hours, with Dogecoin following suit. DOGE has still risen 5% over the past week, although it has decreased 6.5% in the last 30 days, it has maintained a substantial increase of 56% over the past year.
Dogecoin's double bottom has exploded, and the price is set to soar!
A double bottom pattern has formed on Dogecoin's daily chart, suggesting a potential breakout above the resistance level of $0.2596. This pattern is constructed near the support level of $0.1467, where buyers have consistently defended the price, preventing further declines.
The double bottom pattern includes two lows: the first low occurred on April 7, 2025, when the price reached $0.1299, followed by a rebound to $0.25 before retreating. The second low was on June 22, 2025, when the price hit $0.1437, again recovering from the support level.
These two lows are located in the same support area, indicating stable buying interest. The neckline is at $0.2596, requiring an increase of about 54.45% from the current price of approximately $0.1681 to break through.
Technical indicators are signaling a rise, and buying pressure is in full swing!
The Relative Strength Index (RSI) has risen above 47, nearing the neutral level of 50, indicating reduced selling pressure and increased buying momentum. Combined with other indicators, the warming of RSI often signals a long-term price increase. This pattern is like a magnet for traders looking to buy the dip, indicating that bullish momentum is about to explode.
Dogecoin aims for the legendary $1!
After more than a month of being oversold, the RSI and MACD indicators have begun to rise, signaling bullish momentum. Dogecoin may soon experience an increase, with expectations to break $0.20 by mid-August. In the long term, if key resistance is breached, the price could advance further toward higher targets.
Fibonacci + neckline, the resistance zone cannot hold back the explosive surge!
Based on Fibonacci retracement analysis from the December 2024 high of $0.48 to the low of $0.09242, the current price is below the 0.786 level ($0.17640), which represents direct resistance. The double bottom neckline at $0.2596 is close to the 0.618 level ($0.24233), forming an important resistance convergence area, almost screaming: 'Break through me, and the market will explode!'
In summary, looking long-term, Dogecoin could even aim for the dream target of $1, sparking a price frenzy that sweeps through the market, making all holders ecstatic!