🚀 Dogecoin Roars Back: Double Bottom Breakout Confirms Bullish Reversal

Dogecoin just flipped the script—again. The meme coin that Wall Street loves to hate just printed a textbook double bottom breakout, signaling a potential rally ahead.

Technical breakout or meme magic?

DOGE's chart now shows the classic reversal pattern after months of sideways action. No fancy indicators needed—just pure price action confirming what traders suspected: the dip-buyers are back.

The cynical take

Meanwhile, traditional finance analysts are still arguing whether a Shiba Inu-themed cryptocurrency deserves a market cap larger than some banks. (Spoiler: it does, and it's not even close.)

Next resistance levels loom, but for now—the dogs are barking.

Jireon described the setup as a textbook double bottom pattern, adding that the current price action suggests a bullish continuation may follow.  The first bottom formed in April when DOGE dipped to about $0.130. After attempting a recovery and getting rejected at higher levels, the second bottom formed around July 5, once again touching the $0.15 region. This second test of the same support zone, followed by a strong bounce, validated the formation of the double bottom, a pattern often considered a precursor to bullish trend shifts. The neckline of the pattern was clearly established around $0.231, which had acted as a resistance level throughout the consolidation phase. On July 25, Dogecoin convincingly broke above this neckline with a daily close well above $0.231, accompanied by a noticeable uptick in trading volume of $4 billion, a key requirement for confirming breakout strength. As of now, the price has pulled back to retest the neckline, hovering just around the $0.231 zone. This retest is a critical moment; if DOGE holds this level and bounces, it would likely confirm the breakout and pave the way toward the next resistance at $0.310. At this press time, DOGE is trading at $0.2303, a 4.9% decline in the past day. Despite the 13.8% decline in the past week, Dogecoin still boasts a 40.6% rise in the past month. Momentum Builds Above the 200-Day Moving Average. Fellow analyst Jonathan Carter added further validation to the breakout signal. In a separate analysis, Carter explained that Dogecoin was holding above its neckline and bounced off the 200-day moving average. This widely recognized technical indicator often defines long-term trend direction. 

According to Carter, this bounce signals commitment to the upward move and suggests buyers are stepping in at key support levels. Carter described the breakout level as stable, noting that it had held firm through the retest. The daily chart also shows a reaction from the market as DOGE approached the neckline, reinforcing the likelihood that the breakout is legitimate. These technical signals suggest that the price may continue to rise if volume and momentum persist. Price Targets Emerge as dogecoin Holds Support With the neckline and moving average acting as dual support levels, analysts have identified potential price targets. Carter projected that if DOGE maintains its current structure, it could reach higher resistance zones at $0.28, $0.33, and possibly $0.41. These targets align with prior price levels where DOGE has previously faced selling pressure. Jireon shared a similar view in his chart projection. While both analysts avoided making absolute predictions, their analyses suggest that Dogecoin’s current formation may lay the groundwork for a sustained uptrend. Other Analysts Remain Bullish  Meanwhile, prominent analyst Trader Tardigrade noted that Dogecoin may enter a new bullish phase after forming its first green Heikin Ashi candlestick on the monthly chart.  Tardigrade noted this signal follows five months of decline, with similar past patterns leading to strong rallies. Historical trends show that green monthly candles in late 2022 and October 2024 preceded significant price surges.  Other analysts, including MangoMan4, MasterAnanda, and CryptoELITE, have predicted targets ranging from $0.85 to as high as $5 if the uptrend continues. Also, Bitcoinsensus reported a bullish MACD crossover, historically linked to gains of up to 446%. The latest signal points to a possible 610% surge in Dogecoin’s price.