Key Insights:
- Dogecoin formed an inverse Head & Shoulders pattern on the 1-hour chart, a bullish reversal signal.
- The neckline breakout occurred around $0.173, confirming a potential shift from bearish to bullish trend.
- Dogecoin Diamond Bottom hints at 60% price surge.
Dogecoin (DOGE) price has shown a technical formation of interest to the greater community of traders in the crypto market. A clear head and shoulders pattern was formed on the hourly chart, which is considered to be a bullish chart pattern.
This comes after a downward price movement, hence implying a possible reversal up movement is in the making. The structure indicated by technical analyst Trader Alan on his chart comprises a clear left shoulder, head, and right shoulder.
The formation’s neckline, which is around $0.173, has been broken. This formation has been a focus of both retail traders and technical analysts, who commonly use this formation to predict an upward movement. Notably, the Inverse Head and Shoulders structure suggests that the dominant bear trend will likely lose its dominance soon.
Dogecoin Price Prediction: $0.185 Next Target?
According to analysts, the breakout above the neckline of the inverse Head and Shoulders pattern suggests the possibility of continued upward momentum. If the formation plays out according to the analysis, the meme coin may target a price increase equivalent to the height between the head and the neckline.
Depending on market conditions and volume confirmation, this projection would place potential short-term resistance in the $0.180–$0.185 range.
At the time of the breakout in Alan’s chart, early signs of volume increase were evident. Traders are now monitoring for sustained movement above the neckline to confirm a true trend reversal. If volume continues to support the breakout, DOGE price could see further gains in the sessions ahead.
Further validation of this upward trend would likely come from continuation patterns or support confirmations at the neckline level. If the price holds the $0.173 support, it could strengthen the bullish scenario.
Dogecoin price Technical Analysis Patterns Aligning
In addition to the inverse Head and Shoulders pattern, Trader Alan previously identified another technical formation in DOGE’s chart—a Diamond Bottom. This structure was visible over a longer timeframe and covered price action between mid-March and late April.
Diamond Bottoms are known for their symmetrical shape and often signal potential reversals in trend when occurring after an extended downtrend.
Alan’s chart indicates a breakout level near the $0.1650 range, with a projected price target between $0.2650 and $0.2700. The suggested target is calculated by measuring the vertical height of the diamond formation and adding it to the breakout level.
The appearance of both a Diamond Bottom and an Inverse Head and Shoulder pattern in succession provides strong technical confirmation for a bullish outlook.
Although both formations indicate a similar directional bias, the short-term pattern may play out first, offering a move toward intermediate resistance before broader targets are tested. The combination of multiple technical setups may increase confidence among investors.
Dogecoin Market Outlook Against Broader Crypto Trends
Further chart analysis by Trader Alan on DOGE’s performance relative to the total cryptocurrency market capitalization (DOGE/TOTAL) reveals another potential bullish pattern—a falling wedge. Falling wedges appear at the end of downtrends and are generally interpreted as consolidation phases that precede upward breakouts.
Alan’s chart indicates a similar wedge pattern occurred in mid-2024, leading to a sharp upward movement in Dogecoin’s price. The current chart shows a comparable structure forming, and if historical behavior is repeated, DOGE may be approaching another price rally.
The top meme coin’s price predictions align with recent technical forecasts, signaling strong bullish momentum for Dogecoin. Analysts project a potential 175% surge, with targets between $0.48 and $0.50, following its breakout from a long-term downtrend channel.
Continued support above the $0.1650–$0.1720 range further strengthens the case for a sustained meme coin rally.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss. That may occur from investing in or trading. Please do your research before making any financial decisions.
