Dogecoin Price Targets $0.25 After Bullish Double Bottom Pattern

Dogecoin price has experienced a notable recovery over the last 24 hours, reflecting the overall market rebound. Currently hovering near $0.19, DOGE shows strong bullish momentum. The 1.05% market gain is driven by favorable regulatory updates and rising institutional interest. 

DOGE has already re-tested the $0.20 resistance line with a huge volume of trade. Furthermore, the launch of new crypto ETFs containing DOGE has increased the participation of institutions, which continues to enhance its positive trend.

Dogecoin Shows Bullish Signals with Patterns

A cryptocurrency analyst has noted two interesting chart patterns in the latest price activity of the token, which might be giving out possible future direction in the market.

The Analyst recently in his analysis of the 3-day Dogecoin chart noted that it has formed a Double bottom pattern. Such technical arrangement is usually regarded as a positive sign. The initial bottom was reached earlier in the year, with a second being around September.

The analyst stressed that Dogecoin is at the point of the second bottom, which may mark a price reversal. The Double bottom pattern has been known to indicate that there is a possibility of upward momentum after the price surges beyond its resistance level.

Also, the Analyst had indicated a Descending triangle on the daily chart of the token, which has been recently broken out. This trend is usually an indication of a consolidation, and then a sudden price action.

According to the analysis, the breakout implies that Dogecoin may be set to have an upward movement. The analyst pointed out that such pattern in the end of which it breaks out on the upside tends to produce massive price moves.

DOGE Price Shows Strong Support, Potential for Upward Rally.

Dogecoin price has been trading in the range of $0.18-$0.19 range and it is indicating good support and accumulation. This price stability suggests that the cryptocurrency is about to enter an upswing motion.

In the event that the meme coin is able to hold its ground and move above the critical resistance area along the level of $0.22, the event would lead to a major rally. With this kind of breakout, Dogecoin may shoot up its price to $0.25 or even more, which would offer new growth perspectives to the investors.

How High Can DOGE Price Go?

As of the latest update, the token is $0.19685, reflecting a 3% increase over the last 24 hours.

The cryptocurrency has been experiencing slight fluctuations in the recent few days, yet it is still holding stable beyond the $0.19 mark. The Relative Strength Index (RSI) of DOGE is 53.48, which shows that the market is not overbought or oversold.

The MACD (Moving Average Convergence Divergence) also shows a positive forecast, as the line is above the signal line, meaning there is a possibility of further upward movement in the short run.

The meme coin has been fluctuating in a certain range of values, and the resistance is at approximately $0.22, and the support is at approximately $0.18. These thresholds have limited the up and down movements of prices in the recent past forcing the investors to monitor a possible outbreak in both directions.