- Dogecoin confirms double bottom breakout with $0.418 target after closing above $0.23 neckline.
- Weekly candle retest holds strong; $0.23 now acts as support, validating bullish continuation.
- Golden Cross detected as EMA50 crosses EMA200, reinforcing DOGE’s upward technical trend.
Dogecoin has confirmed a major technical development after its weekly candle closed above the neckline of a double bottom pattern. The candle’s lower wick tested the neckline during the week, but the price managed to close above this level. This price action validates the breakout and keeps the bullish formation active, with a projected target of $0.418.
Double Bottom Breakout Confirmed on Weekly Chart
According to analysis prepared by Trader Tardigrade, Dogecoin formed an inverse head and shoulders pattern that transitioned into a double bottom. The neckline at around $0.23 was broken, and the price moved higher, reaching $0.28 before pulling back to retest the neckline. The weekly candle closed above this level, keeping the structure intact.
The lower wick on the recent candle shows that the neckline was tested but not broken. This confirms that the former resistance is now acting as support. Based on standard charting methods, the target from the double bottom pattern remains $0.418. This value is calculated by adding the pattern’s height to the neckline breakout.
The structure started from two major lows near $0.12, separated by a short recovery phase. The symmetrical shape fits the criteria for a valid double bottom. Price stability above the neckline supports continuation toward the target.
Market Data and Technical Indicators Remain Supportive
As of the latest update from CoinGecko, Dogecoin trades at $0.2421 with a 24-hour increase of 2.8%. The trading volume stands at $3.03 billion, and the market cap is $36.39 billion. This performance keeps DOGE ranked among the top ten cryptocurrencies by market cap.
According to an observation by Antonio Costa, Dogecoin has recently triggered a Golden Cross. This occurs when the EMA50 crosses above the EMA200, often used to confirm bullish strength.
With the price staying above key levels, technical indicators and volume data continue to support the bullish outlook. Dogecoin’s uptrend remains valid as long as price holds above the neckline. The next targets include $0.28 and the projected $0.418 level.
