- Dogecoin holds above $0.17 with rising momentum, signaling bullish pressure and setting sights on the long-term $0.65 target zone.
- After months in a descending channel, DOGE now shows higher lows and green candles, hinting at a possible trend reversal ahead.
- Stable volume and strengthening indicators suggest Dogecoin may soon break out as broader market sentiment lifts altcoin performance.
Dogecoin (DOGE) shows early signs of a bullish turnaround, recovering 4.56% in a single day. Price action now consolidates near $0.17256 after rebounding from recent lows. The digital asset remains over 252% away from its $0.65 technical target. However, new signals suggest a potential continuation to that zone.
The recent analysis from TradingView highlights this fresh recovery. Price climbed from a low of $0.17058 to a daily high of $0.17858. This modest surge comes after a prolonged downtrend. Dogecoin had dropped over 60% from its $0.50 peak reached in November 2024.
Since December, DOGE moved within a descending channel. This channel formed as sellers pushed price down with lower highs and lower lows. However, current consolidation near the lower boundary hints at exhaustion among bears.
Momentum Shows Strengthening Signals
A momentum indicator shown confirms this shift. It has formed higher lows since March, connecting three points. These lows form an ascending trendline, indicating growing strength beneath the surface.
Source: Javon Marks
Additionally, green candlesticks now appear more frequently after months of bearish pressure. The curved arrow also points to an upward trajectory. This suggests that traders expect a potential breakout from the channel. Volume remains stable but lower than in late 2024. However, this decrease may reflect a neutral zone before a larger move begins.
Technical Target Remains Far but Possible
Dogecoin’s $0.65 technical target still lies over 250% above current levels. Yet the coin’s ability to defend the $0.17 zone supports a bullish argument. Moreover, the broader market has shown improved sentiment. Other altcoins like Ethereum and Solana are also bouncing off key support levels. Hence, DOGE may follow with amplified gains.
The downtrend that started in December is losing momentum. Recent price action shows the coin’s ability to absorb selling pressure. Consequently, traders are eyeing a breakout that could lead to a sharp rally. Any close above the upper red trendline may ignite stronger bullish moves.
