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Key Insights:
- DOGE price confirmed a triangle breakout, signaling renewed bullish momentum.
- Price reclaimed $0.1549 and is now testing the $0.16661 breakout level.
- A rally toward $0.18028 is possible if DOGE price sustains above key resistance.
Dogecoin (DOGE) price has shown a new upswing after finding support at the $0.154 level. Despite the overall bearish trend in the crypto market, DOGE price demonstrated signs of a possible further increase. Analysts focused on a triangle bottom pattern and a bullish phase. These formations implied a bullish pattern and $0.180 as the probable resistance level.
Dogecoin Price Breaks Out of Triangle Bottom
Dogecoin price rebounded after testing the $0.154 support, signaling a potential trend reversal. At the time of writing, Dogecoin price traded at $0.160, up from the recent low of $0.154. According to technical analyst Trader Tardigrade, the price structure formed a triangle bottom over three weeks, marked by lower highs and higher lows.
According to Tardigrade’s analysis, the top meme coin price has successfully crossed above the upper trendline of $0.158. The breakout or overshoot candle highlighted the backside, indicating revived buyer interest in the price. He identified $0.180 as the upcoming key resistance level. To confirm the breakout and continue with the upward movement, DOGE price has to remain above the triangle resistance line.
Interestingly, the triangle bottom has historically acted as a bullish reversal signal, particularly when confirmed with volume. Tardigrade’s chart showed rising volume at the point of breakout, indicating that momentum may favor bulls in the short term.
Analyst Sees Recovery After Drop to $0.1549
Moreover, another popular analyst, BitGuru, also provided an alternate view on DOGE’s latest action. After a bearish trend in the market, the DOGE price was range-bound at $0.1549, which attracted the buyers’ interest. As BitGuru pointed out, this support level corresponds to the horizontal line of the Tardigrade’s triangle.
The BitGuru’s chart pointed to the changing of the bearish lower lows cycle and the possible bullish higher lows cycle, indicating a relief rally was imminent. These were based on accumulation at $0.1549 and noted that there was constructive pressure at the position after a bounce.
The bullish performance of DOGE at this level further reinforces the previously identified support level of $0.1549. More so, BitGuru backed a recovery trajectory so long as the top meme coin remains firm above the recent support level and breaks through the upcoming resistance levels.
Resistance at $0.16661 Key to Unlocking $0.180 Target
BitGuru also noted $0.16661 as one of the key resistance levels. This level has functioned as resistance since the end of March and has capped several rallies. Any break above $0.16661 would confirm this new market structure and open the path for DOGE price to rise to $0.18028.
According to BitGuru, the $0.18028 level coincided with previous local highs and a minor supply zone where sellers may re-enter. Therefore, reclaiming this zone would shift toward a more robust rehabilitation phase. However, any push through this resistance will depend on volume and spot exchange activity.
Notably, the triangle breakout established by Tardigrade occurred at a similar level to the BitGuru resistance range of $0.165 – $0.167. This convergence supports the technical biases for a clean break-out point around this range strongly. A capitulation that flips this zone into support would strengthen the bullish breakout argument.
Moving Averages and RSI Offer Neutral Outlook
Despite the bullish triangle breakout, Doge price remains below its 50-day moving average near $0.170. A daily close above this level would further confirm the shift in market momentum.
Meanwhile, the daily Relative Strength Index (RSI) remains flat around the neutral 50 level. This positioning signals that the market is not yet overbought or oversold, leaving room for movement in either direction depending on trading volume and sentiment.
At the time of writing, DOGE traded at $0.1579, posting a modest 0.52% daily gain. The bounce from $0.1549 and ongoing consolidation just below $0.166 reinforces the view that Dogecoin could be setting up for another leg upward—should it clear key resistance levels.
Disclaimer
This article is for informational purposes only. Crypto investment involves inherent risks due to the volatility in price. Readers should conduct their research before making any investment decision. Also, you can consult a crypto expert before investing in cryptocurrencies.
