Dogecoin Price Forming Double Bottom: $1 Could Be Next

Dogecoin price, a major meme-based altcoin, has experienced a staggering 350% surge in value over recent years. This remarkable growth has garnered widespread attention across trading platforms, positioning DOGE as a leading performer. Analysts suggest the price rally might indicate the formation of a double-bottom pattern, hinting at a potential climb toward the $1 mark.

Will Dogecoin Price Hit $1 After Forming A Double Bottom Pattern?

A crypto analyst recently tweeted that Dogecoin price has formed a double bottom on its chart. This pattern, often associated with bullish momentum, could signal a potential rally that might take the cryptocurrency to the $1 mark.

The double bottom is a common technical chart pattern, resembling the letter “W.” It occurs when an asset’s price drops, rebounds, and drops again to form two distinct lows at roughly the same level. The pattern indicates that sellers have lost momentum, and buyers might be gaining control.

In Dogecoin’s case, the two lows were marked at approximately $0.37. After testing this support level twice, the price rallied to breach the neckline, a key resistance level near $0.46. Breaking this neckline often confirms the pattern and suggests further upward movement.

As of now, Dogecoin’s price shows strength, trading significantly above the neckline. This bullish breakout could indicate a continuation of its momentum, potentially driving the price closer to $1. 

The double bottom is often seen as a reversal pattern, signaling the end of a downtrend. If Dogecoin maintains its momentum, the double bottom might be the catalyst for a significant rally.

Source: X

Is DOGE Price Heading for New Highs?

The latest DOGE price has shown impressive momentum, rallying to $0.4074 despite slight market corrections over the past week. Over the last month, the popular meme coin has recorded significant gains, reflecting a strong bullish sentiment. 

Surging prices in top meme coins like SHIB, PEPE, and BONK could influence DOGE’s upward trajectory. Additionally, Bitcoin’s price hovering above $100K is expected to impact broader market trends. These factors combined may drive Dogecoin to achieve the highly anticipated $1 milestone soon.

If the bullish momentum for Dogecoin persists, the price could surpass the $0.5 resistance level in the near term. If buyers manage to sustain this rally, the cryptocurrency could target the $0.7376 level, marking its all-time high (ATH). Additionally, a stronger bullish surge could propel Dogecoin toward the $1 psychological milestone, a significant achievement for its market trajectory.

However, if bearish pressure intensifies, Dogecoin price prediction could retrace its gains and revisit lower support levels around $0.4. Further downside could lead to testing critical zones, potentially as low as $0.35, dampening recent market optimism. 

The Moving Average Convergence Divergence (MACD) indicator suggests a waning bullish momentum as the histogram shows a decline. Despite this, the Chaikin Money Flow (CMF) indicator remains in positive territory, reflecting steady capital inflows. 

Dogecoin Price Chart: TradingView

Dogecoin’s potential double-bottom breakout hints at a bullish trajectory, with $1 becoming a realistic target if momentum holds. However, market corrections and resistance levels could challenge its upward journey.

Frequently Asked Questions (FAQs)

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.