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NewsBTC 2025-02-28 03:30:56

Dogecoin Cup And Handle Taking Shape – Big Move Incoming?

Dogecoin Cup And Handle Taking Shape – Big Move Incoming?

The Dogecoin price is down more than -57% from its December 8 high at $0.4843, but a bottom could be near. In a technical analysis shared on X, Rose Premium Signals (@VipRoseTr) highlights a potentially bullish setup for Dogecoin (DOGE), fueled by a classic “Cup & Handle” pattern. Dogecoin Cup And Handle Could Emerge According to the chart, the DOGE price could face a last leg down before it will find its low near the $0.16896 support zone. This level marks the base of a possible Cup & Handle pattern—a formation characterized by a rounded “cup” followed by a smaller consolidation or “handle.” Technically, the cup phase reflects the market’s effort to find a bottom, while the handle phase often takes shape as a brief pullback or sideways movement before a potential breakout. The pivotal zone for DOGE’s next move appears to be near $0.29124. If price rallies above this threshold, it would likely confirm the Cup & Handle formation and could trigger a robust upward swing. The chart suggests that traders may interpret a decisive daily or weekly close above $0.29124 as a confirmation signal, potentially ushering in bullish momentum. Related Reading: Long-Term Dogecoin Holders Are In “Denial” – On-Chain Metrics Expose Weakness “DOGE is showing strong bullish potential as it approaches a key reversal zone. Price has reached the $0.16896 support, aligning with a potential Cup & Handle formation. A breakout above $0.29124 could confirm a rally toward new highs,” Rose Premium Signals writes via X. In terms of upside objectives, Rose Premium Signals indicates that DOGE could climb toward the $0.50 – $0.60 range if the Cup & Handle pattern plays out as anticipated. This target corresponds to historical zones of increased trading activity and psychological levels that often capture traders’ attention. The analysis further notes potential for further upside, hinting that Dogecoin’s trajectory may extend beyond $0.60 should positive sentiment intensify. “Long-term target sits near $0.50 – $0.60, with potential for further upside. If momentum continues, Dogecoin could reclaim its meme coin throne and push toward higher levels,” the analysts say. Related Reading: If Dogecoin Falls Below This Level, A Freefall To $0.06 Is Possible: Analyst This commentary underscores DOGE’s capacity to reclaim its status among top meme coins. While the recent memecoin mania has flooded the market with thousands of smaller tokens, diverting attention from the original memecoin, Dogecoin, the landscape may be shifting. Following the burst of the memecoin bubble— which peaked with TRUMP, MELANIA, and LIBRA— focus could soon return to DOGE as traders seek more established assets in the space. From a technical perspective, a decisive breakout with sustained momentum could reignite both retail and institutional interest, propelling DOGE toward higher resistance levels and confirming the potential Cup & Handle pattern. At press time, DOGE traded at $0.207 Featured image created with DALL.E, chart from TradingView.com

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