Examining Dogecoin’s bullish setup – Is $0.42 still possible?

Key Points

1. Dogecoin confirmed a double bottom breakout at $0.24, with a target projection of $0.42 if the pattern fully plays out.

2. Whales accumulated 1.08 billion DOGE in the past 48 hours, indicating strong buying pressure and potential support for further price increases.

3. Dogecoin's social dominance spiked to 3.57%, the highest since early Q1 2025, reflecting increased market attention.

4. The MVRV Z-score rose to 1.35, signaling that more DOGE holders are in profit, which could lead to short-term selling pressure near resistance levels like $0.30.

5. The NVT ratio rebounded to 121, suggesting potential overvaluation if network utility does not keep pace with the price increase.