- Dogecoin trades above $0.17299, forming a cup pattern with breakout targets at $0.1850+.
Weekly chart reveals a cup and handle; analyst eyes $0.50, $0.73, and $1 targets. - RSI at 59.81 and bullish MACD indicate strong momentum for continued upward movement.
Dogecoin (DOGE) is flashing signs of a potential breakout after forming what the analyst describes as a classic cup-shaped recovery pattern. The formation, spotted on the 4-hour chart, is being closely tracked by crypto analyst BitGuru, who views the structure as a strong indicator of renewed bullish momentum.
Currently, DOGE is trading above a key support level at $0.17299, a zone that could serve as the launchpad for the next leg up. “DOGE is stabilizing above key support,” BitGuru noted. “If the price holds this level, we’re likely heading toward a fresh breakout above $0.1850.”
Technical analysis of the chart shows historical resistance near $0.20576, with prior rallies stalling at $0.17945 and $0.18028. Following a steep drop that saw prices hit a low of $0.13009, DOGE began a gradual recovery, culminating in the current rounded base — a pattern the analyst labeled a “bullish beauty,” suggesting growing market optimism.
Support zones are established at $0.15217 and $0.16661. The successful defense of the $0.17299 level suggests the possibility of a fresh breakout toward $0.1850 and beyond.
Will Dogecoin’s Momentum Push Toward $1?
Meanwhile, another analyst Whales_Crypto_Trading has brought attention to a broader trend. On the 1-week chart, Dogecoin appears to have formed a cup and handle pattern—a widely recognized setup that often signals a continuation of bullish movement. DOGE is now challenging a critical resistance level that has historically prevented further gains.
This resistance plays a vital role in determining the next move. If Dogecoin breaks above it and holds, analysts believe a wave of buying interest could follow. That would likely push DOGE to fresh short-term highs and validate the larger bullish pattern taking shape. The market’s current focus lies on whether enough momentum exists for a clear breakout beyond this level.
Whales_Crypto_Trading also suggested that if momentum continues, Dogecoin could aim for $0.50, then $0.73, and possibly touch the much-anticipated $1 mark. These targets align with old resistance zones where sellers previously stepped in. Breaking those levels would mark a strong recovery from Dogecoin’s recent consolidation.
Technical Indicators Point to Sustained Rally
From a technical perspective, momentum indicators are painting a supportive picture. The Relative Strength Index (RSI) currently stands at 59.81, below the overbought threshold of 70. This figure indicates that Dogecoin has room to rise further without immediate risk of major selling pressure. The RSI’s steady growth from earlier levels in the 40s shows increasing investor interest.
The Moving Average Convergence Divergence (MACD) is also showing a bullish trend. The MACD line sits above the signal line, and the histogram continues to widen, a sign of growing strength in buying activity. This divergence signals that Dogecoin could maintain its upward path, supported by a strong trend rather than just a momentary bounce.
With both the RSI and MACD suggesting strong momentum, the current breakout does not appear to be a fluke. Instead, these signals point to a genuine trend with potential for further gains. If Dogecoin maintains its support and breaks through resistance, the climb toward $0.50 and higher seems within reach.
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