Dogecoin Price Eyes Reversal Amid THIS Bullish Pattern Forming?

Dogecoin (DOGE) price action suggests a potential bullish trend reversal. A bullish inverse head and shoulders pattern has formed on the 4-hour chart, with a neckline at $0.1710. This pattern indicates a possible upward price movement if the neckline is broken.

A breakout above $0.1610 could initially propel DOGE to $0.1675. However, a retest of the neckline is likely before any significant advance. Trading volume will be crucial; weak volume during a breakout could signal failure.

Source: X

Confirmation of the pattern could target prices above $0.1830. However, overcoming significant resistance zones will depend on sustained buying pressure and momentum. The MACD and RSI indicators currently resemble those seen during previous bullish recoveries following periods of consolidation, a pattern consistent with DOGE's recent price behavior amidst uncertainty surrounding, for example, Donald Trump tariffs. This aligns with previous analysis predicting a potential 300% surge in DOGE price from current levels.

Source: X

Whale accumulation further supports this potential reversal. Wallets holding over 1 billion DOGE acquired over 800 million DOGE between April 6th and 14th, during a price increase from $0.131 to $0.169. This sustained accumulation, even after a minor price dip on April 13th-14th, demonstrates strong market conviction. The total DOGE held by these whales increased from 71.29 billion to 72.38 billion over a ten-day period. Increased retail market participation and positive technical indicators could further accelerate this momentum.

Source: X

However, a significant hurdle remains: the $0.1676–$0.1696 resistance range. Repeated rejections from this range, culminating in a recent 5.68% price drop, highlight its strength. Overcoming this resistance requires substantial buying pressure and sustained volume. Failure to do so would likely result in another price decline. A rise above $0.1609, followed by $0.1665, is necessary to successfully break through this resistance.

According to Agent Wyckx, a confirmed breakout above $0.1700 could drive DOGE towards $0.1720 and $0.1800. However, until bullish momentum strengthens, failure to break through $0.1700 could lead to a price retreat to support levels between $0.1540 and $0.1500.

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