The post Dogecoin Shows Bullish Cup-and-Handle Pattern Amid ETF Speculation, Possible Rise Toward $5 appeared on BitcoinEthereumNews.com.

Dogecoin is currently showcasing a bullish cup-and-handle pattern, driven by recent ETF speculation, which could lead to a price breakout towards $5. The resurgence in Dogecoin’s trajectory follows the filing of a Dogecoin ETF by Bitwise Asset Management, igniting heightened investor interest. According to analysts, “the approval of the Dogecoin ETF could be a catalyst for a significant price surge.” This article explores the recent developments surrounding Dogecoin’s bullish trend and potential ETF impacts, spotlighting key resistance levels and market indicators. Dogecoin’s Cup-and-Handle Pattern: A Sign of Bullish Momentum The formation of a classic cup-and-handle pattern signals a potential bullish trend for Dogecoin. This technical analysis often indicates a phase of accumulation before a breakout. After struggling through a bear market since its all-time high in May 2021, the chart pattern reveals a rounded bottom that extends through late 2023. Recently, the price reacted positively by breaking above a descending trendline in early 2024, reaching a high of $0.2408 before corrective action pushed it back to $0.1934—a decline of 19.28% in one session. This retracement may be seen as a healthy retest of the breakout zone, facilitating a future upward rally. Source: TradingView If Dogecoin maintains its support between $0.18 and $0.19, momentum could build up towards higher resistance levels, possibly leading to significant gains for traders. Key Resistance Levels for Dogecoin’s Price Action Understanding the present price action reveals several pivotal resistance levels that could dictate Dogecoin’s near-term direction. The first notable resistance is at $0.50, a crucial psychological threshold. A break above this level could confirm a more robust bullish trend. Subsequently, resistance is observed at $0.75, which aligns with previous support-turned-resistance zones from Dogecoin’s rally in 2021. The ultimate target might be the round-number level of $1.00, which, if achieved, would represent a significant milestone for Dogecoin…

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Filed under: News - @ March 5, 2025 3:25 am