Dogecoin confirms double bottom breakout with $0.476 target after reclaiming $0.25 neckline.
Trading volume rises nearly 45% as DOGE shows strong buying near key support and resistance levels.
Price action mirrors 2020 setup, suggesting potential for a sustained upward move in the short term.
Dogecoin is showing technical strength after forming a confirmed double bottom pattern, with analysts identifying a potential upward continuation. The breakout above key resistance levels and increasing trading volume indicate growing buyer interest, while historical price behavior supports the potential for a continued rally toward $0.476.
Double Bottom Confirmation and Price Structure Shift
According to analysis prepared by Trader Tardigrade, Dogecoin has completed a double bottom pattern, breaking out above its neckline near $0.25. The pattern had developed after a prolonged downtrend that began in February. Price action on the daily chart now confirms a reversal structure, which typically signals the beginning of a new bullish phase.
https://twitter.com/TATrader_Alan/status/1944397172767961413
The projected target from the pattern, measured by the height between the bottom and neckline, reaches $0.476. This aligns with historical behavior where previous breakouts resulted in similar extensions. Price is currently trading around $0.2079, which leaves room for potential upside of over 100% if the target is reached.
Volume analysis also supports the breakout. CoinMarketCap data shows a 44.97% increase in 24-hour trading volume, bringing it to $2.1 billion. The volume-to-market cap ratio now stands at 6.74%, suggesting growing participation and liquidity near breakout levels.
Market Behavior Mirrors 2020 Setup and Consolidation Patterns
According to an observation by CryptoKaleo, Dogecoin’s current trend closely resembles its behavior from late 2020. During that period, the asset showed a similar bottom structure before moving sharply higher. This historical comparison adds weight to the idea of Dogecoin entering a fresh upward cycle.
Short-term price structure shows consistent liquidity sweeps followed by recovery into a tight consolidation range. Dogecoin bounced from a low near $0.1988 to reach an intraday high above $0.210, maintaining upward pressure.
Technical analysis also confirms that Dogecoin has broken past its prior base near $0.143 and is eyeing the $0.19 resistance as support. Traders now watch for continued confirmation and higher volume to support the move toward the projected $0.476 target.
The post Dogecoin Confirms Double Bottom Breakout, Here’s Why $0.476 Is Now in Sight appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
