Dogecoin (DOGE) exhibits potential for a significant bullish trend reversal, spurred by breaking through a persistent 50-day trendline.
Technical analysis highlights a bullish higher-high, higher-low pattern coupled with a double-bottom formation established near the $0.1445 support level. This structure suggests a theoretical upside target of $0.3753, contingent on maintaining the support.
The breach was supported by heightened market activity, with DOGE’s 24-hour trading volume increasing by 13% to approximately $815 million. The Relative Strength Index (RSI) also strengthened, rising from 35 to 40.43, signaling building buying pressure.
Market analysts identify the $0.17 level as a critical short-term resistance hurdle. A decisive move above $0.17 is seen as potentially opening the door to further gains toward $0.20 and $0.26 levels.
While rising volume and improving momentum indicators reinforce the bullish case, maintaining price above the crucial $0.1445 support remains essential for sustaining the emerging upward trend.