Head and shoulders breakout points to $0.30 target
The post Head and shoulders breakout points to $0.30 target appeared on BitcoinEthereumNews.com.
Dogecoin has confirmed a bullish head and shoulders breakout, with the neckline now acting as critical support. A successful retest could ignite the next major rally in DOGE price action. Dogecoin’s (DOGE) price action has turned decisively bullish after breaking out of a textbook head and shoulders pattern, widely considered one of the strongest bullish reversal setups in technical analysis. This breakout triggered a sharp rally that recently pushed DOGE to a swing high of $0.25. Now, with the neckline flipped into support, traders are watching closely for a retest to confirm whether the move has enough momentum to extend higher. Key technical points, Head & Shoulders Breakout: Confirmed structure with neckline breach and bullish follow-through Neckline Support Zone: $0.21–$0.22 holds the key to sustaining momentum Volume Confirmation: Influx of buying volume during breakout signals strong market participation DogeUSDT (1D) Chart, Source: TradingVIew The head and shoulders pattern unfolded over several weeks, as price carved out a classic structure with a left shoulder, a deeper head, and a slightly lower right shoulder. The breakout occurred once the neckline, located between $0.21 and $0.22, was breached, sending Dogecoin sharply higher to $0.25. What makes this breakout especially notable is the volume confirmation. The surge in trading volume during the neckline breach suggests strong market conviction, a key indicator that the move is backed by genuine buying interest rather than speculative momentum. Now, all eyes are on the neckline support zone. If Dogecoin returns to retest the $0.21–$0.22 level and successfully holds above it, this would validate the breakout and potentially act as a launchpad for the next bullish leg. Such a retest would indicate demand is strong enough to sustain higher prices, and it may encourage sidelined buyers to jump back in. On the flip side, a failure to hold this…
Filed under: News - @ May 13, 2025 9:23 pm