DOGE Defies Market Trends: A Potential Rally on the Horizon?
Dogecoin (DOGE) has recently shown signs of breaking free from a prolonged bearish trend, sparking Optimism among traders and investors. The meme cryptocurrency, which had been under pressure for the past 50 days, managed to reverse its downward trajectory and climb slightly above the $0.16 mark. This movement came after DOGE found solid support at key levels, marking its first sustained breakout above a long-term descending trendline. Notably, trader Tardigrade highlighted the formation of higher lows and higher highs on DOGE's daily chart—a classic indicator of a potential trend reversal. While the reversal is not yet fully confirmed, the technical breakout suggests that DOGE might be gearing up for another rally. This development is particularly intriguing given the broader market's bearish sentiment, making DOGE's performance stand out. Investors are now closely watching to see if this momentum can sustain and potentially lead to further gains in the coming weeks.
Dogecoin Reverses Course, Breaking 50-Day Bearish Pattern – Is Another Rally Brewing?
Dogecoin has defied broader market bearishness with a technical breakout, hinting at potential upside momentum. The meme coin rose slightly above $0.16 after rebounding from key support levels, marking its first sustained MOVE above a 50-day downward trendline.
Trader Tardigrade notes the emergence of higher lows and higher highs on DOGE's daily chart—a classic reversal pattern. While not yet confirmed, this microstructure suggests growing buyer interest despite persistent crypto market volatility.
The breach of this prolonged resistance line could signal shifting sentiment for the dog-themed asset. Market watchers await a second higher low formation to confirm whether this is a genuine trend reversal rather than a temporary retracement.
Dogecoin (DOGE) Tests Resistance at $0.1720 After Rebound From $0.1565 Low
Dogecoin has mounted a recovery from its recent swing low of $0.1565, mirroring broader momentum in Bitcoin and ethereum markets. The meme coin breached multiple resistance levels, including a key bearish trendline at $0.1640, before encountering selling pressure near the $0.1726 peak.
Technical indicators show Doge trading above both the $0.1650 support and its 100-hour moving average. Market participants now watch the $0.1720 level as a critical threshold—a decisive break could open path toward $0.1750, while rejection may trigger retracement to test the $0.1650 support zone.
Dogecoin’s Quiet Setup Could Detonate Shorty, Says Analyst—Here’s The Target
Dogecoin hovered near $0.174 during European trading on Thursday, extending a two-day rebound from its mid-June support level around $0.16. The 11% recovery since Tuesday's low has reignited trader interest, but technical analyst More crypto Online warns the move appears corrective rather than impulsive. The memecoin remains trapped in a complex diagonal wave pattern that could still fail.
A June 2 analysis of the hourly chart suggests the advance from the 22 June low unfolds as a three-wave structure, lacking the five-wave signature of a true trend reversal. The diagonal pattern remains valid if Dogecoin holds the $0.16-$0.166 micro-support zone. A measured Fibonacci target at $0.196—138% extension of wave 1—remains plausible if the pattern completes.
The roadmap requires completion of the current A-wave, followed by a B-wave pullback before a potential C-wave rally toward $0.196. A brief probe toward $0.182 may precede the corrective phase. "All corrective in nature," the analyst emphasizes, cautioning against premature bullish expectations.
