Dogecoin (DOGE) Price: Classic Bullish Pattern Forms as Bears Push Token Lower
TLDR
Dogecoin (DOGE) fell below $0.18 support levels after failing to break above $0.20 resistance
Technical indicators show bearish momentum with MACD losing strength and RSI below 50
An Inverse Head and Shoulders pattern suggests potential bullish reversal with targets at $0.239 and $0.25
Analysts predict DOGE could reach $0.9 to $1.4 if historical patterns repeat
Current consolidation phase may lead to either recovery above $0.18 or further decline toward $0.16
Dogecoin has entered a consolidation phase after declining from the $0.20 resistance zone. The meme coin failed to maintain its position above key support levels.
DOGE dropped below the $0.1880 and $0.180 levels during the recent decline. The token is now trading below the $0.1850 level and the 100-hourly simple moving average.
A bearish trend line has formed with resistance at $0.1880 on the hourly chart. The price reached a low of $0.1687 before beginning to consolidate losses.
The token is currently positioned below the 23.6% Fibonacci retracement level. This level corresponds to the downward move from the $0.2005 swing high to the $0.1687 low.
Source: TradingView
Technical indicators show mixed signals for the short-term direction. The MACD for DOGE/USD is losing momentum in the bearish zone.
The RSI has dropped below the 50 level, indicating bearish momentum. These indicators suggest continued downward pressure in the near term.
Bullish Pattern Formation
Despite the recent decline, analysts have identified a potential bullish reversal pattern. An Inverse Head and Shoulders formation appears to be taking shape on the charts.
Crypto market expert Klejdi Cuni highlighted this technical setup in recent analysis. The pattern typically signals a trend reversal from bearish to bullish conditions.
DOGE Poised To Resume The Bullish Trend – #DOGEUSDT @tradingview #bitcoin
Dogecoin is forming an inverse head and shoulders pattern, a classic signal of a possible trend reversal.
In this case, it’s a short-term setup due to its smaller scale on the chart.
If the price breaks… pic.twitter.com/REI7F2WO3C
— KLEJDI CUNI (@TradingPuzzles) May 27, 2025
At the time of analysis, DOGE was trading at $0.228, just below the neckline resistance. The neckline represents the horizontal resistance line connecting the highs between the shoulders.
A confirmed breakout above this neckline could trigger a rally resumption. The first target is placed at $0.239, aligning with previous resistance levels.
Historical Pattern Analysis
Analyst Trader Tardigrade has identified similarities between current price action and historical patterns. The comparison spans from 2014 to 2021, showing a multi-year cycle.
#Dogecoin is expected to experience a significant surge before entering a prolonged falling wedge pullback.$Doge 🚀 pic.twitter.com/ewjmZWoHZo
— Trader Tardigrade (@TATrader_Alan) June 4, 2025
The historical pattern included a rounded bottom accumulation phase lasting several years. This was followed by a breakout above long-term resistance and a sharp upward move.
DOGE has recently completed a similar accumulation phase according to this analysis. The token has also broken above its key resistance level.
If the historical pattern repeats, the next phase could see dramatic upward movement. Price targets range between $0.9 and $1.4 for new all-time highs.
Following any major rally, the analysis suggests a potential correction phase. DOGE might decline toward the $0.22 and $0.14 levels afterward.
The immediate resistance levels stand at $0.1760 and $0.1840. The $0.1840 level aligns with the 50% Fibonacci retracement of the recent decline.
Major resistance appears at $0.1880, with a close above this level potentially driving price toward $0.20. Further gains could target the $0.2050 and $0.2120 levels.
Support levels are located at $0.1685 and $0.1650 on the downside. The main support sits at $0.1550, with a break below potentially leading to $0.1350.
The post Dogecoin (DOGE) Price: Classic Bullish Pattern Forms as Bears Push Token Lower appeared first on CoinCentral.
Filed under: News - @ June 6, 2025 9:25 am