Dogecoin, the iconic currency of the meme-coin wave, is making a comeback in the market as it trades around $0.20 on Friday, recording a nearly 17% increase in the past week and a 24-hour trading volume exceeding $2 billion. This development follows a late June livestream by technical analyst Kevin, who stated that "the Dogecoin chart is currently one of the most attractive structures among altcoins."

The "Double Bottom" Pattern Accurately Triggers The Potential Breakout To $1

In an hour-long analysis, Kevin pointed out a classic technical pattern: a "double bottom" that has just formed on Dogecoin's weekly chart. Notably, this pattern appears exactly at the intersection of many important technical factors:

  • Simple Moving Average (SMA) and Exponential Moving Average (EMA) 200-week.

  • Fibonacci retracement level 0.382 of the 2023-2025 bullish cycle.

  • Long-term trend line starting from the market bottom in 2022.

Kevin commented: "The risk-reward ratio in this area is extremely attractive." He suggested that the stop-loss could be set just below the technical confluence zone, limiting risks while the profit target aims for previous cycle highs.

Technical Momentum Supports A Major Breakout

Further analysis of the indicators, Kevin emphasizes:

  • Market Cipher: Money flow is curving up for the first time in over a year, indicating new capital is returning.

  • MACD: Preparing to cross upwards from a higher low.

  • Stochastic RSI: Starting to bounce from the neutral zone, reflecting the accumulation of new momentum.

  • Monthly RSI: Still making higher highs and higher lows - a sign of a long-term upward trend.

  • Stock-RSI: "Still holding up, ready to bounce back," he said.

All these signals are said to reinforce a Dogecoin explosion, especially as Bitcoin breaks above resistance around the $116,000 mark.

Price Scenario: Key Resistance Area And The $1 Mark

The price map that Kevin presented for the coming months starts from a "resistance box" (purple box) ranging from $0.94 to $1.31. These are two important levels:

  • $0.94: The old peak of 2021.

  • $1.31: Fibonacci extension level 1.618 of the accumulation phase 2022-2024.

Kevin believes the likelihood of Dogecoin reaching $0.94 is "very high," and if it surpasses $1, the wave of retail investors and trend-following algorithms could return strongly.

However, he also noted that the $1 target can only be achieved if Bitcoin continues to rise towards the $150,000 area and the macro context is favorable - specifically, the Federal Reserve ends its quantitative tightening policy.

Warning: Don't Be Deceived By Green Candles

Kevin did not forget to warn about short-term risks. Dogecoin's rise coincides with Bitcoin hitting the Fibonacci resistance cluster and USDT.D touching the golden pocket support zone - signs that could precede a technical correction. He emphasized:

"Don't be fooled by green candles. Meme-coins can crash even in a bull market."

The expert's advice is:

  • Take partial profits after each strong rally.

  • Move the stop-loss to breakeven.

  • Repeat the risk management process.

Dogecoin - Still The "Darling" Of Retail Investors

In addition to technical analysis, Kevin also mentioned market psychology factors:

"You can walk into any gas station and see someone holding Dogecoin."
This reflects the role of DOGE as a pop culture symbol - the "darling" of retail investors, especially as new money begins to flow back into the crypto market on a larger scale than before.

Summary: All Eyes Are On Dogecoin

If the double bottom pattern continues to hold and macro factors support it, Dogecoin could very well become the leading name in the new altcoin season, this time not just with a humorous image on social media but with a real value approaching $1 - something that many only dared to "meme-ify" in the previous cycle.

Will this famous "dog" make history once again? Current signals support that - but as always with Dogecoin: enjoy but don't enjoy too much, and always set a stop-loss. $DOGE