Dogecoin Flips the Script: Key Chart Pattern Signals Potential Bull Run
Memecoin’s revenge? Dogecoin’s chart just printed a textbook reversal pattern—traders are eyeing a possible breakout.
After months of sideways action, DOGE’s price action hints at a bullish pivot. The ’meme that wouldn’t die’ might be shaking off the bearish dust—just as crypto bros max out their leverage positions (again).
Technical analysts spot the formation: a classic higher low confirming buyer momentum. Whether this marks a genuine trend reversal or just another false dawn for the Shiba Inu-themed asset remains to be seen. After all, in crypto, even the most reliable patterns sometimes have the lifespan of a TikTok trend.
Bullish Formation Emerges: Is a Dogecoin Reversal in Play?
Klejdi Cuni, in a recent post on X, highlighted a bullish setup forming on Dogecoin’s chart. According to his analysis, DOGE appears to be shaping an inverse head and shoulders pattern, a well-known technical formation often seen as an early indication of a trend reversal.
According to the analyst, the inverse head and shoulders pattern forming on Dogecoin’s chart is a short-term setup, primarily due to its smaller scale and limited time frame. While it may not signal a long-term trend reversal just yet, it still holds significance.
The key level to watch is the neckline. A decisive break above this resistance line WOULD confirm the pattern and significantly boost the chances of a bullish continuation. This breakout could ignite renewed buying interest, as momentum shifts in favor of the bulls.
The analyst emphasized that such a MOVE would be a clear indication of strength, especially after a period of consolidation or downward pressure. As reflected in the chart, this setup could mark the beginning of a fresh upward phase for DOGE, if the price action follows through as anticipated.
A Rebound To $0.25
Highlighting potential price levels in the event of an upside breakout, analyst Klejdi Cuni identified two key upside targets for Dogecoin: $0.2390 and $0.2500. These levels, according to Cuni, may act as significant milestones if the price breaks above the neckline.
The $0.2390 target represents an immediate hurdle where some profit-taking or consolidation could occur. Surpassing that, the $0.2500 level stands as a more ambitious objective, one that would mark a substantial recovery for DOGE and rekindle broader bullish sentiment in the market.
While these targets are conditional on a confirmed breakout, they reflect areas of interest based on previous price action and technical resistance zones. It is essential to closely monitor volume and momentum indicators as the price approaches the neckline, as these will likely play a critical role in validating the breakout and the path toward these targets.
