Dogecoin’s been hanging out between $0.185 and $0.20 lately, a bit weaker than last week when it dipped below $0.22. But don’t count it out just yet! There’s a fascinating chart pattern that suggests a big move is coming.
A Giant “Rounded Bottom”
Check out the monthly chart – it shows something called a “rounded bottom.” This isn’t just some random shape; it’s a significant technical indicator. This particular pattern has been forming for almost four years, starting with Dogecoin’s crazy 2021 bull run and its subsequent crash. The key is that each low point has been higher than the last, creating this smooth, curved base. We’re now nearing the end of this pattern.
In simple terms, a rounded bottom often signals a reversal of a downtrend. For Dogecoin, this means the bulls might be taking over. Every time the price has touched the bottom of this curve, it’s bounced back higher. This could happen again. A bounce from the current level could send Dogecoin soaring past its December 2024 high of $0.48.
A Potential 300% Rocket Ride?
If this rounded bottom plays out as expected, and Dogecoin breaks out to the upside, we could see the price rocket past $0.50. That’s a potential 150% increase from the current price! This price range is a major resistance zone, but a strong breakout could even push Dogecoin to new all-time highs above $0.73. These breakouts are usually fast, especially when confirmed on a monthly chart.
What to Watch For
The analyst who spotted this pattern says we need to pay close attention. A bounce confirms the bullish outlook, while a rejection means things might go south. But given the strength of the pattern and Dogecoin’s history of higher lows, the odds seem to favor a bullish breakout. A monthly close above $0.27 (May’s high) would be a major sign that a breakout is imminent.
