Dogecoin Price completes the rare rounded bottom, with the Bulls rising to $0.5 at 300%
Dogecoin is currently trading at $0.196, and in the past 24 hours, the price has been consolidated between $0.20 and $0.185 After the cracking below Last week’s $0.22 support zone. Despite weaknesses Domycin Bulls have managed to Keep its price structure above $0.18. Interestingly, the current Dogecoin trade behavior is revolving around the main technical model of the monthly time frame, which may soon trigger to $0.50.
Monthly chart showing the bottom of the circle traces back to 2021
according to Analysis in TradingView platform, Dogecoin is currently in the late stage of completing a circular bottom pattern on a monthly chart. The formation spans nearly four years, starting with the explosive 2021 Bull Run, pushing Doge to its history above $0.73.
After that peak, the price of dogs collapsed. Enter the extended correction phase By 2022 and early 2023. However, each drop always forms a higher low point, resulting in a smooth, curved base that now seems to end on the right. The chart shared by analysts shows the unique shape of the round bottom, while Dogecoin price now interacts closely with the right side of the round bottom.
In technical analysis, the circular bottom is a powerful reversal pattern, usually observed at the end of the downward trend. The current arc on Dogeusdt pair shows that the Bulls have returned to control in every major swing since mid-2022. Most importantly, every contact with the circular baseline results in a higher high rebound, which may soon repeat the current monthly candle test again for the basic support, and The rebound here can be sent Dogecoin price is higher than its high price of $0.48 in December 2024.
300% upside is $0.5 now playing
If the rounded bottom structure remains the same and Dogecoin confirms a bullish breakout, the projected target of the model may cost more than $0.50 to make the new high higher. Such a move will increase by about 150% over the current price. This price zone is shaded in red on the above lunar table, coincides with the main resistance zone starting from December 2024 and is located below the all-time high in 2021.
Based on technical analysis, Round bottom breakout Once the neckline is damaged, especially confirmed over a higher time frame such as monthly charts, it tends to be quick. So, confirming breaks above $0.5 will quickly send Dogecoin’s price to a new height above $0.73.
Analysts posting the charts noted that traders should pay close attention because a rebound or rejection could impact the next big move. However, given the strength of the pattern and the ability of Dogecoin to consistently print out higher lows, this setting is currently favoring the Bulls. Cleaning is closed every month Higher than May The $0.27 price will be the first major sign of a breakout very close.
Featured Images from Getty Images, TradingView.com Charts
Editing process For Bitcoin experts, focus on thorough research, accurate and impartial content. We adhere to strict procurement standards and each page is diligently evaluated by our top technical experts and experienced editorial team. This process ensures the integrity, relevance and value of our content to our readers.
