Dogecoin (DOGE) Price Prediction: Bullish Diamond Bottom Reversal Pattern Emerges, Targeting $0.35

Dogecoin price showed promising signs of a rebound on Friday, May 9, as technical indicators suggested a potential upward movement after finding support near the $0.1650 mark.

The popular meme cryptocurrency has been showing signs of gaining momentum as it continues to recover from its recent correction phase.

Dogecoin Price Up Above Key Resistance

The price of DOGE broke above the $0.170 immediate resistance zone. Other major cryptocurrencies, including Bitcoin and Ethereum, also showed strength during the same period.

The bulls pushed DOGE’s price above the 50% Fibonacci retracement level of the downward move from the $0.1843 swing high to the $0.1642 low. A further break above 0.618 will put more emphasis on the bullish moves.

Chart analysis by TraderTardigrade on X (formerly Twitter) revealed a connecting bullish trend line with support at $0.1740 on the hourly chart of the DOGE/USD pair.

Dogecoin is now trading above the $0.1750 level and the 100-hourly Simple Moving Average. A move above the 200-hour SMA could be a positive sign for the bulls.

#Dogecoin Price Momentum Oscillator (PMO) signals a Bullish Crossover, turning into GREEN time 🔥$Doge pic.twitter.202 /48 /51 Avarage.

— Trader Tardigrade (@TATrader_Alan) May 6, 2025

Technical Patterns Emerging

Several technical analysts also noted the Diamond Bottom Reversal Formation appearing on the 1-day timeframe of DOGE.

This pattern is often observed in technical analysis and signals a potential shift to an upward trend after a period of downward movement.

It appears as a symmetrical diamond-shaped pattern created by converging trendlines, usually following persistent negative activity.

The emergence of this pattern suggests that the ongoing DOGE correction may be nearing its

New: Cryptocurrency prices showed strength on Friday, with Bitcoin bouncing back above the $70,000 level and other major tokens also trading in positive territory.

Major Crypto Prices Today

Cryptocurrency | Spot Price (8:30 PM ET) | 24 Hour % Change

Bitcoin (BTC) | $70,047 | +1.7%

Ethereum (ETH) | $2,408 | +1.4%

Binance Coin (BNB) | $249 | +1%

Avellanar: Bitcoin Could See $100,000 By End Of Year

Cryptocurrency prices showed strength on Friday, as Bitcoin rebounded above the $70,000 level and other major tokens also traded in positive territory. Bitcoin price hovered above the crucial psychological mark of $70,000 on Friday, showing signs of a potential recovery. The world’s largest cryptocurrency had slid to its lowest point in 2024, dipping below $64,000 earlier this week.

Bitcoin price had been struggling to break free from a tight trading range, encountering resistance at the $72,000 level and finding support around $62,000. However, recent price action might be indicating a breakout from this range.

While Bitcoin attempted to maintain its gains, other major cryptocurrencies also showed strength. Ethereum rose above the $2,400 mark, marking a recovery from recent price declines.

Crypto traders will be keeping an eye on any potential movements in response to the latest U.S. inflation figures, which are due next week.

Inflation worries had pressured crypto prices earlier in the year, leading to a 50% drop in Bitcoin’s value from its all-time high in November 2023.

However, in recent months, Bitcoin has shown resilience, recovering from a low point of around $30,000 reached in March to trade above the $70,000 level again.

Despite the recent price action, one analyst remained bullish on Bitcoin’s long-term prospects. According to Ben Avellanar, market analyst at Webull, Bitcoin could still reach $100,000 by the end of the year if it manages to break above the $72,000 resistance.

"Bitcoin has been trading in a range for the past few months, but I think we could see a breakout from this range soon. If Bitcoin manages to break above the $72,000 resistance, then I think we could see a move to $100,000 by the end of the year," Avellanar said in an interview.

"The macroeconomic environment is still supportive for Bitcoin, with interest rates expected to peak soon and inflation also showing signs of slowing down."

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