Cryptocurrency analysts have recently refocused on Dogecoin, with multiple technical patterns indicating that this well-known meme coin may be poised for a strong rebound. Several market observers point out that the current price trend of Dogecoin shows several positive indicators, and historical data suggests it could achieve up to a tenfold increase.
Key bullish signals include: a breakout from a critical triangle consolidation pattern, the formation of a classic 'cup and handle' bottom structure, and a price pattern strikingly similar to that during the 2017 bull market.
Renowned analyst Trader Tardigrade recently posted an analysis chart on social media platform X showing that Dogecoin's MACD indicator has completed a triangle breakout. Historical data indicates that the emergence of this technical pattern is often accompanied by a significant price surge. Notably, this MACD breakout coincides with the appearance of a rounded bottom pattern, which is typically viewed by technical analysts as a buildup phase before an upward trend.
Historical trends provide strong evidence for the current market situation: after similar technical pattern breakouts in September last year and March this year, Dogecoin achieved rapid and robust price increases. This recurring pattern suggests that the current rise of the meme coin may surpass its historical price peak and set new records.
The MACD line has recently crossed again, positioned above the downward trend line of the triangle, similar to previous rebound situations. The price structure is rising, indicating a breakout. Following Doge's actions, analysts predict that Dogecoin's price will rise by 16%. Crypto Elites state that DOGE currently shows a cup and handle pattern, indicating bullishness, with a target price range of $1.85 to $2.00, and a key resistance level at $0.185.
However, analysts point out that the current pullback to the lower limit of the handle may act as a support zone. Historically, this area has been where momentum strengthens before a breakout.
Analyst KrissPax finds that the current Dogecoin market resembles that of the 2017 bull market, with charts showing that the current phase is close to the previous price surge. KrissPax predicts that if it breaks out again, the top meme coin could rise to $4. CoinGape's report also supports a bullish outlook for DOGE, stating that breaking above $0.18 could lead to a rise to $20.
