Dogecoin 'Triangle Pattern' in Play as DOGE Prints Higher Low After Pullback

Dogecoin has found stability near $0.17 after a recent 4.6% dip, with a robust support level establishing itself in the $0.166–$0.167 range. Despite this recent downward pressure, several factors suggest a potential bullish resurgence if Dogecoin can overcome key technical resistance zones at $0.18, $0.21, and $0.36. These factors include a significant increase in large wallet accumulation and a perceived easing of macroeconomic headwinds.

News Background

The broader cryptocurrency market is currently navigating a complex macroeconomic environment characterized by escalating trade tensions and evolving central bank policies, which are impacting risk assets. A temporary extension of the U.S. tariff pause to August 1 has provided some temporary relief. Furthermore, major financial institutions are now anticipating Federal Reserve rate cuts, potentially ranging from 0.25% to 1%, starting as early as July.

Adding to the market's intrigue, Elon Musk's unexpected announcement of The American Party – a political platform rumored to incorporate blockchain-powered finance – has sparked renewed interest in Dogecoin, particularly among large-scale investors.

Whale accumulation of DOGE has surged by 112% in the past week, occurring even as retail investor interest appears to be waning. Analysts suggest that the asset may be consolidating within a multi-year cup-and-handle pattern. If this pattern is confirmed, it could potentially lead to target levels as high as $0.75. Currently, DOGE remains below resistance levels but is displaying early indications of bullish reaccumulation at crucial support levels.

Technical Analysis

Between 05:00 on July 7th and 04:00 on July 8th, DOGE experienced a decline from $0.174 to a low of $0.166, representing a 4.6% decrease over the 24-hour period.

Strong, volume-supported support emerged within the $0.166–$0.167 range between 13:00 and 16:00 on July 7th.

The price then stabilized and modestly recovered to $0.168 in the closing hours, with decreasing volatility potentially signaling an exhaustion of the downward trend.

Between 03:38 and 04:37 on July 8th, DOGE demonstrated a notable hourly recovery from $0.1672 to $0.1680, featuring a significant breakout between 04:29 and 04:31 supported by a volume of 4.1 million.

A higher low formed at $0.1679, indicating a possible shift in momentum and laying the groundwork for a potential short-term bullish continuation.