- Dogecoin is showing a bullish pattern with support at $0.07, pointing to a possible upside move towards $0.09 resistance.
- Overcoming the $0.09 level could push Dogecoin towards $0.105, facing a key challenge at an old trendline.
The cryptocurrency market is always full of surprises, isn’t it? And if there’s one coin that never fails to entertain us, it’s Dogecoin. Lately, there have been whispers of a DOGE price formation that has us raising an eyebrow, or two. Want to know where it’s headed? Well, read on.
What’s going on with Dogecoin?
As Bitcoin takes a breather after hitting $52,000, Dogecoin and other major coins are tightening their belts for a new adventure. Since its last peak, DOGE has pulled back a bit, but here’s the interesting part: the market seems to be less inclined to sell.
Dogecoin is playing ping-pong between $0.07 and $0.09, but has found good support at the $0.07 level. Now, with eyes on a double bottom pattern, things are getting exciting. Are we about to see a turnaround?
A Push Up
After a breather in the market, DOGE has seen a 10% surge in the past two weeks. With the wind at its back thanks to this bullish pattern, it looks like DOGE could be looking towards the resistance level of $0.09. And if it clears it, who knows? We could be looking at a target of $0.105.
But wait, there’s more
This path to $0.105 will not be a walk in the park. There is a trend line that DOGE has been following for almost two years, and crossing it will be the real challenge.
What does the chart tell us?
The daily chart points to the fact that this rally towards $0.105 will encounter a serious challenge. And if Dogecoin manages to clear this hurdle, we could be looking at an even more ambitious target of $0.18. Yes, you read that right.
Well, if Dogecoin manages to break out of this triangle pattern, we could be on the verge of a significant change in its price direction. Selling pressure at the top of this triangle has kept DOGE in a sideways dance, but a breakout could open the doors to new highs.
So, there you have it. Dogecoin is at an interesting point, with the possibility of breaking upward or continuing in its sideways dance. Are you ready to go along for the ride? Keep your eyes on the chart, because Dogecoin always has a way of surprising us.
