Dogecoin Forms Bullish Base Near $0.17394 With $0.80055 Target in Technical Sight

Dogecoin (DOGE) Price Analysis: Bullish Signals and Potential for Significant Growth

Dogecoin has shown a strong recovery, rebounding from $0.15217 and forming a bullish cup pattern. The price increased from $0.13009 to $0.179, indicating a significant recovery phase. A long-term trendline analysis suggests a potential 600% breakout, targeting $0.80055.

Dogecoin is currently stabilizing above key support levels, suggesting renewed bullish momentum across various timeframes. Analysts have observed recurring technical patterns that could support a substantial price increase.

Short-Term Analysis: A Bullish Cup and Handle

Technical analyst BitGuru highlights a rounded bottom formation on the 4-hour chart, preceding DOGE's rise from $0.15217 to a high near $0.179. This pattern, along with other technical indicators, suggests early recovery structures.

Source: BitGuru

BitGuru's analysis shows Dogecoin developing strong short-term momentum and cyclical price behavior. Buyers are consistently reacting to support and resistance levels, establishing a base for potential upward continuation. Analysts are closely monitoring these levels for confirmation of sustained upward movement or a potential breakdown.

BitGuru describes DOGE's recent price action as a "bullish cup" recovery, starting at $0.15217 after a dip from $0.20576. The analysis shows clear market cycles, including an initial pullback attempt near $0.17945, a subsequent surge to $0.20576, and then a confirmed downtrend breaking through support zones. A sharp selloff dropped DOGE to $0.13009, its lowest point, before a gradual climb to $0.16661, followed by a retracement to $0.15217. The current uptrend is described as having a strong technical structure supporting continued growth. The price currently holds above $0.17394, with the next resistance level near $0.1850. A sustained hold above this level could lead to a breakout beyond recent highs. BitGuru's analysis focuses on short-term support and resistance levels.

Long-Term Analysis: Significant Upside Potential

Trader Tardigrade's 3-day and long-term trend analysis reveals a broader technical structure with repeating rallies from an ascending trendline dating back to late 2023.

Source: Trader Tardigrade

Tardigrade's analysis shows three key support bounces resulting in gains of 200%, 400%, and a projected 600%. Each rally started near the trendline, following higher lows and maintaining structural consistency. These rallies include moves from $0.04 to $0.11795, and from $0.06 to $0.38452. The latest bounce near $0.115 projects a move towards $0.80055. Tardigrade emphasizes the trendline's reliability, highlighting the timing and magnitude of each bounce. This projection follows a steep parabolic arc, without using indicators like RSI or volume, and is based solely on price history and technical structures.