- DOGE breaks key trendline and $0.20302 resistance, confirming bullish reversal from double bottom.
- MACD bullish crossover nears as RSI rises above 14-day average, signaling upward momentum.
- Analysts eye $0.23355, $0.26690, and $2.28008 targets amid rising volume and historical patterns.
Dogecoin (DOGE) is showing several bullish signals on the daily chart, as technical patterns indicate growing upward momentum. The meme-based digital asset recently broke a key resistance trendline and is now trading around $0.1991, above important support levels. Traders are watching closely for a potential MACD bullish crossover.
DOGE Breaks Resistance Trendline as Price Holds Above Support
According to analysis prepared by Hailey on X, Dogecoin has formed a double bottom pattern between the $0.17 and $0.18 levels. This structure often signals a trend reversal when followed by a resistance breakout.Â
DOGE has now moved above the $0.20302 resistance zone, which analysts had marked as a breakout level. The breakout is backed by price strength, as DOGE has closed higher in three of the past five daily sessions.Â
The token is now testing the $0.2050 mark as short-term resistance. If momentum continues, price targets of $0.23355 and $0.26690 remain in play. The $0.185 level, previously a resistance, may now act as a support zone following the upward move.
MACD Crossover Approaches as Volume Increases
The Moving Average Convergence Divergence (MACD) indicator is close to crossing the signal line, which may confirm bullish momentum. According to an observation by KJThaLibra on TradingView, the daily RSI has also moved above its 14-day moving average, further supporting upward bias.
Trading volume for DOGE has increased by over 57% in the last 24 hours. This rise in volume is often seen before breakouts. DOGE has also made a higher low, suggesting a potential trend shift. Price action on the 4-hour chart shows recurring breakout patterns, according to Trader Tardigrade on X.
Technical analyst Javon Marks continues to track a Fibonacci extension target at $2.28008, using the $0.06036 cycle low from 2022 as the base. DOGE has exceeded the 1.618 Fib level in previous cycles, and traders are watching for a repeat of that historical structure.
