Key Insights
- Dogecoin price confirms bullish breakout with $0.17 support retest.
- Double inverse head and shoulders pattern targets $0.34.
- Positive funding rates signal growing trader confidence.
Dogecoin price displayed signs of a bullish reversal following a breakout from a crucial technical pattern. Analysts highlight several indicators pointing to a strong upward move, as the price now retests key support around $0.17.
Double Inverse Head and Shoulders Pattern Suggests Bullish Reversal
According to market analyst Bitcoinsensus, DOGE formed a classic double inverse head and shoulders pattern on the daily chart.
This technical formation is considered one of the strongest reversal signals in trading. The breakout above the first neckline has already been confirmed, which signals initial bullish momentum.
Dogecoin price pulled back to retest the breakout zone at around $0.17. Holding support at this level is critical to validating the pattern. If DOGE maintains this support, the measured move from the pattern projects a target near $0.34.
This target represents a potential 100% gain from the current spot price, showing strong upside potential. Multiple factors, including price structure, breakout momentum, and overall market psychology, support the setup.
A clean bounce from the $0.17 support zone could trigger a strong upward movement. If meme coin hype returns, the price rally may accelerate further.
Ascending Broadening Wedge Indicates Strong Upside Potential
TATrader_Alan identifies a major chart pattern seen weekly called an Ascending Broadening Wedge. This pattern reveals A, B, C, D, E, and F points, with price swings growing.
Dogecoin price movements show expanding peaks and troughs over time. It is a harbinger of crucial bullish momentum once it is confirmed.
When price action breaks above point E, it is called a confirmation. This situation could result in DOGE reaching a target value of $3.8 in the long run. The same pattern often means that trading activity and market direction changes are building up to a bigger price rise.
How the wedge formation is built suits the rise in market involvement by investors. As Dogecoin price nears the breakout point, traders prepare to act. If a rally happens, they seize the opportunity to profit.
Positive Funding Rates Support Bullish Market Sentiment
Data on the funding rate for DOGE reinforces the belief that it is heading up in value. Most futures contracts are traded as long positions, so most funding rates are positive. Long position holders are paying more, which means they are confident the price will increase.
Prices are holding steady or increasing a little due to favorable funding rates. When the price moves and the market sentiment matches, the market has confidence in buying shares.
Strong funding and stable price levels support a bullish trend. Dogecoin price is set to rise as these conditions hold.
Dogecoin Price Technical Indicators and Making Predictions
On the daily chart, DOGE recently broke out of a falling wedge, which is usually followed by a higher price. After the breakout, the price moved toward the $0.40 target but is now undergoing a pullback.
The Relative Strength Index (RSI) was at a 40.76 level, indicating momentum is cooling but remains above oversold levels. This leaves room for potential upward reversals.
The MACD indicator shows a short-term bearish trend. The MACD line is close to falling below the signal line. Dogecoin price is expected to rise by 17.42% in five years.
By June 28, 2025, it may reach $0.2318. Despite this forecast, technical indicators showed some bearish sentiment. The Fear & Greed Index was reading zero.
Over the last 30 days, Dogecoin recorded 16 green days out of 30, with price volatility at 11.53%. This data indicates moderate stability with potential for upward movements.
The post Dogecoin Price Retests $0.17 After Breakout, $0.34 In Sight appeared first on The Market Periodical.
