Here’s Why Dogecoin Faces Last Chance for Investment

Dogecoin (DOGE) experienced a notable price fluctuation over the past 24 hours. Initially, its value showed a gradual decline from approximately $0.22 to $0.21, signaling some selling pressure or market correction earlier in the day. The labeled mark of $0.2125 was briefly crossed, as the price took a turn on the upside. 

As of this writing, DOGE is sitting at $0.2116, which is a 4.17% decrease over the last 24 hours and a 3.69% decrease over the last 7 days. Even though the short term trend looks a bit negative, short term technical analysis of the coin’s price suggests a possible and important move in price in the near future.  

Trader Tardigrade on Dogecoin’s Price Action

Trader Tardigrade’s take on Dogecoin has to do with the price action in the last couple of months. After experiencing a downtrend from April to July 2024, marked by lower highs and lower lows, DOGE began to show signs of reversal in July.  

Source: X

Previously, the price was oscillating around a key support level, but was able to consolidate and start a slow upward move. This move was marked by a change in positive direction in the trendline, which indicated the start of a positive phase a bit earlier from mid-2024. 

Tardigrade’s chart also points to two important last chance attempts in July and September 2024, where the price bounced from the yellow trendline, giving an opportunity for traders to enter at an ideal price. The continued consolidation and the explosive move tell that DOGE is attempting a big move. 

If Dogecoin manages to break through the $0.30 and $0.80 price levels, the resulting breakout might spark a sustained rally. Shattering the $0.30 and $0.80 levels would likely enable further bullish momentum and upward price movement.  

Cup and Handle Points to Long-Term Bullish Dogecoin Trend  

In a different chart, Trader Tardigrade identifies the Cup and Handle pattern on the price over the past two years. This pattern, a bullish continuation formed between 2021 and 2025, signals the accumulation phase before a big price jump once resistance is surpassed. 

Source: X

The rounded bottom of the "cup" shape suggests that DOGE is in the final stages of a consolidation phase, with a possible breakout once it surpasses the $0.30 resistance level.

Within this Cup and Handle pattern, two key price targets have been set based on the formation's depth. The first target, derived from the handle portion, is $0.82. If the price breaks through the $0.30 resistance, it may initially rise to this level before encountering potential pullback or consolidation. 

The second, more ambitious target is $2.18, based on the cup’s depth. A successful breakout and continued upward momentum could lead Dogecoin to reach this price point in the long term.