🚀 DOGE’s Bullish Surge Signals $0.42 Breakout – Analysts Bet Big

Dogecoin's chart is flashing green as traders spot a textbook bullish pattern. The meme coin could be gearing up for a 50% sprint to $0.42—proving once again that crypto markets run on vibes and Elon's tweets.

Technical analysts point to a rising wedge breakout on the daily chart, with volume backing the move. 'This isn't just meme magic,' claims one chartist. 'The Fibonacci extensions line up perfectly for a run to at least $0.42.'

Of course, Wall Street's quant jockeys are still scratching their heads over how a Shiba Inu joke token now moves more predictably than half their AI models. Meanwhile, retail traders are already stacking DOGE like it's 2021 again—because nothing teaches financial caution like getting burned and immediately jumping back into the fire.

Double Bottom Formation Tips DOGE For 82% Rally

In an X post on July 18, Ali Martinez presented a bullish technical analysis of the DOGE daily chart, hinting that the altcoin holds significant potential for a sustained rally in the short term. Martinez’s post shows that Doge price movement over the six months has carved a textbook double bottom pattern, i.e., a technical setup that typically signals a positive trend reversal.

The double bottom pattern is a classic bullish formation, featuring two roughly equal lows separated by a peak, i.e, the neckline in between.  In the chart above, this pattern is noticed with DOGE forming lows NEAR $0.13–$0.15 in April and June, separated by a rally toward $0.25 in May, representing the pattern’s neckline.

Notably, the crypto market surge over the last month has pushed DOGE towards $0.24 again, thereby completing the W shape of the double bottom pattern.  However, to validate the bullish potential of this chart pattern, market bulls must hold a decisive breakout above $0.25 resistance, which will typically be interpreted as a strong buy signal, projecting further gains ahead.

This is a highly possible scenario as the steep recovery from the June lows shows increasing bullish momentum with buyers stepping in with higher volume, pushing price action upward in a nearly uninterrupted fashion. According to Ali Martinez, a successful clearance of the $0.25 neckline paves DOGE’s way for a rally to $0.42, hinting at a potential 82.3% gain on present market prices.

On the other hand, another consecutive rejection around $0.25 price region WOULD dent the current bullish momentum and possibly initiate a return to support levels around the $0.13–$0.15 region.

Related Reading: ethereum Road To $10,000: Replay Of May’s Playbook Predicts Another Breakout

DOGE Price Overview

At the time of writing, Doge trades at $0.25 following a 7.84% increase in the past 24 hours. Meanwhile, the asset’s daily trading volume is up by 108.5% suggesting suggesting a surge in market participation and growing bullish momentum, as traders continuously position themselves for a prolonged uptrend.

With a market cap of $34.95 billion, DOGE retains its position as the ninth-largest cryptocurrency and largest memecoin in the world.