Dogecoin Breaks Out with Double Bottom, Retests Support, Eyes $0.50 Next

Dogecoin (DOGE) is exhibiting renewed strength, with technical indicators confirming a bullish reversal on the daily timeframe. A recent pattern breakout and successful support retest have focused attention on a potential price rally towards $0.50.

Double Bottom Confirms Bullish Structure

Dogecoin formed a double bottom pattern on the daily chart, a formation often interpreted as a strong bullish reversal signal. DOGE established two distinct lows, first in March and again in late June, both finding support within the $0.13 to $0.14 range. This consistency suggests sustained buying pressure.

Between these lows, a neckline resistance formed around the $0.22 to $0.24 zone. This level had previously acted as a supply area, hindering upward movement. However, following a confirmed breakout, this resistance has now transformed into support. This structure aligns with the technical characteristics of a valid double bottom pattern.

Breakout and Retest Add Confidence

DOGE's breakout above the neckline was characterized by a strong bullish candlestick, indicative of significant upward momentum. The breakout decisively closed above the key zone.

Subsequently, a textbook retest of the former resistance occurred. DOGE retraced back to the $0.22 to $0.24 zone, which now acted as support. Price action rebounded cleanly from this level. This behavior suggests that the market is validating the breakout, increasing the likelihood of further upward movement.

Targeting $0.50 Based on Measured Move

Technical projections based on the double bottom pattern suggest a potential price target of $0.50. The distance from the bottom of the pattern to the neckline, when projected upwards, aligns closely with this target. Historically, this level also served as a significant resistance zone in early 2022.

The breakout, retest, and subsequent hold above support form a bullish sequence that reinforces this projection. Traders are closely monitoring this movement to assess the continuation of momentum. Should current conditions persist, the $0.50 target represents a plausible near-term outcome for DOGE.