Dogecoin Price Bottom In as Analysts Expect Breakout to $1.16?
The post Dogecoin Price Bottom In as Analysts Expect Breakout to $1.16? appeared on BitcoinEthereumNews.com.
Key Insights DOGE price broke out of a downward channel and now trades above the $0.1750 resistance. Whale moved 100M DOGE to private wallet, suggesting long-term bullish positioning. RSI divergence and higher lows suggest DOGE might revisit $0.50 in the coming weeks. Dogecoin (DOGE) price has shown signs of recovery following a week of selling pressure and market uncertainty. After slipping below the $0.1750 support zone earlier in May, the meme coin price rebounded sharply over the weekend. Analysts and on-chain indicators are beginning to signal the formation of a local bottom and the possibility of a strong bullish reversal. Dogecoin Price Breaks Downtrend Channel and Retests $0.1750 On the hourly chart, DOGE price broke out of a defined descending channel, ending a short-term bearish trend that had weighed on prices for several days. The breakout occurred near $0.1720, a level marked by heavy intraday resistance. Following the breakout, Dogecoin price rallied past the $0.1750 level and now consolidates just above that zone. This breakout pattern was first identified by Trader Tardigrade, who pointed to the bullish structure on the one-hour timeframe. The move marked the first technical signal of strength for DOGE since its rejection from $0.182 in late April. Source: Trader Tardigrade, X According to current support levels, $0.1685 and $0.16 50 remain key downside zones to watch. Meanwhile, overhead resistance lies at $0.1780, $0.1850, and the $0.20 psychological level. If these levels are cleared, analysts suggest a mid-term path could form toward $0.50 and beyond. Long-Term Analysts Point to Structural Bottom Formation on Dogecoin Price Additional bullish signals have emerged from long-term chart watchers. According to the Investments CEO, the DOGE/USDT weekly chart showeda clear higher low and a trendline retest. The analyst shared a chart indicating a projected breakout that may extend as high as $1.16…
Filed under: News - @ May 7, 2025 12:26 am