Dogecoin Confirms Bullish Reversal: Breakout and Retest Set Up New Highs

Dogecoin Confirms Bullish Trend Reversal

Dogecoin (DOGE) has confirmed a bullish trend reversal, marked by a breakout and successful retest above a key trendline. This follows months of consolidation and suggests a shift from a downtrend to an uptrend.

Breakout and Retest Signal New Bullish Phase

According to analysis by Trader Tardigrade, DOGE recently achieved a bullish cross on the bi-weekly Stochastic RSI chart, indicating positive momentum. Furthermore, DOGE broke out of a falling wedge pattern (formed since November 2024). The breakout, confirmed around $0.145, was followed by a retest of the trendline, which held strong. Subsequently, DOGE resumed its upward trajectory, currently trading around $0.1812. This pattern, coupled with increasing volume and supportive indicators, suggests continued gains.

Increased Trading Volume and Network Activity

Trading volume has significantly increased, with Binance reporting a 22% rise in DOGE/USDT volume between April 27th and 28th, 2025. Glassnode data shows a 12% increase in active addresses on the Dogecoin network over the past 48 hours, reflecting heightened network activity.

Technical Indicators Support Upward Trend

Technical momentum remains positive. The daily RSI is climbing, though below the overbought threshold, suggesting further upside potential. A golden cross (50-day EMA crossing above the 200-day EMA at $0.140) reinforces the bullish outlook.

Near-Term Outlook and Resistance Levels

Immediate resistance sits at $0.1878. A break above this level could propel DOGE towards $0.24 in the short term. Data from CryptoQuant shows a 7.3% decrease in net inflows to exchanges over the past 24 hours, indicating reduced selling pressure.

With Bitcoin trading near $94,000 and overall crypto sentiment improving, Dogecoin's confirmed trend reversal positions it favorably for potential further gains into May 2025.

Source: Trader Tardigrade (X)