Dogecoin Forms A Daily Bullish Pattern – Analyst Expects A Breakout To $0.43
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Dogecoin is currently in the consolidation range, trading below $0.18 and holding support over $0.16. Meme coins face huge sales pressure and uncertainty, and work to gain momentum as the wider cryptocurrency market remains turbulent. The bull must retract the critical level of resistance to confirm recovery and prevent further disadvantages.
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Despite the market downturn, there are still signs that Doge may be on the verge of a breakthrough. Top analyst Carl Ununefelt shared insights on X, indicating that Dogecoin is forming a bullish pattern that could explode at any time, leading to large-scale gatherings. According to Runefelt, the pattern is similar to the classic cumulative setting, which may prompt a price increase if the critical resistance level is violated.
With market sentiment shifting and on-chain data showing new interest in Doge, traders are paying close attention to signs of breakthroughs. If Dogecoin manages Recover higher price levelsit may mark the beginning of a strong upward trend for meme coins. However, failure to hold its current support zone may lead to further disadvantages. The days that follow are crucial to determining whether the bulls can control and push up prices.
Dogecoin drops wedge signal may break through
Dogecoin’s decline has dropped sharply, with trading now below its December high. Sales pressure continues as meme coins remain the toughest asset in the cryptocurrency market. Guess and fear lower the price, and if you want to recover higher levels, the Bulls are long.
Bitcoin’s downward trend has increased bearish sentiment since late January, leading investors to believe that the bull cycle may end. If that’s true, meme coins like Doge may face the biggest volatility and sales pressure in the coming months.
However, not all analysts firmly believe that Dogecoin’s decline will continue. Runefelt’s Insights Revealed a technical analysis that shows Doge is forming a drop wedge pattern, a historically bullish setting. According to The Girls, once Doge gets out of this form, it could experience major gatherings. His breakthrough target is $0.434, which is a huge upside potential at the current level.
If Dogecoin manages to maintain critical support and exceed resistance, a recovery rally can be performed later. However, if sales pressure continues and the threshold fails to recoup higher levels, further declines may be inevitable. The next few weeks are crucial to determine the direction of the meme coins.
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Breakthroughs above $0.20 or below $0.15?
Dogecoin is currently trading at $0.17 after several days of trading, striving to exceed the resistance level of $0.18. Meme coins have been captured as the bulls try to regain control, but wider market uncertainty continues to weigh on price action.
To confirm recovery, Doge must push above $0.20, a key psychological and technical resistance. Retraction of this level could trigger a breakthrough in higher supply areas, potentially pushing rally to $0.25 and beyond. However, to achieve this, Dogecoin needs to surge in buying momentum and increasing market confidence.
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On the downside, if Doge fails to recover $0.20 in the coming days, sales pressure may increase, causing a drop below $0.15. A drop below this level will indicate further weakness, with the possibility of sending out the threshold to retest lower support, about $0.12. The bulls must step in as soon as possible to prevent deeper corrections.
Featured images from DALL-E, charts from TradingView
