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NewsBTC 2025-04-17 16:00:48

Dogecoin Primed For A Surge? Analysts Highlight Key Breakout Signs

Dogecoin Primed For A Surge? Analysts Highlight Key Breakout Signs

According to a recent post by C0d3slayer on X, Dogecoin is beginning to show early bullish signals following a brief pullback. He noted that the 1-minute chart is starting to display subtle shifts in momentum that a short-term recovery could be taking shape. While often overlooked, these micro-level patterns are catching active traders’ attention, scanning for early entries before the next significant price move. In the absence of a breakout, the early formation of higher lows and buying activity offers a glimmer of bullish potential. As the market gauges its next move, DOGE may be quietly setting the stage for a near-term upside surprise. Technical Patterns Reveal Bullish Setup Based on C0d3slayer’s recent observation, after briefly dipping to around $0.15100, the price rebounded sharply with a noticeable surge in trading volume, an indication of strong buying interest returning at lower levels. This bounce suggests that traders were eager to scoop up DOGE at a discount, hinting at growing confidence among bulls. Related Reading: Analyst Who Called Dogecoin Price Rally In 2024 Predicts 300% Rally In April Currently, DOGE is trading near $0.15385, holding slightly above a key support zone that has historically acted as a pivot area for price action. The ability to maintain this level could serve as a solid foundation for further gains, especially if momentum continues to build. This zone is technically important for traders who view it as a line between short-term weakness and renewed strength. He further highlighted the $0.15100 – $0.15120 range as a key reaction zone, where DOGE saw a strong bounce, signaling firm buyer interest at that level. He also identified $0.15250 as a short-term accumulation area, suggesting that traders may be gradually positioning for a potential breakout. According to his analysis, the chart structure hints at a possible W-pattern, commonly known as a double bottom. If the price continues to build momentum above these levels, this setup strengthens the case for a recovery. Bullish Vs. Bearish Scenarios: What’s Next For Dogecoin? At this critical juncture, DOGE sits between key technical levels that could determine its short-term direction. On the bullish side, C0d3slayer noted that a break above the $0.15450 resistance, backed by strong volume, would signal upside potential. In that scenario, price targets of $0.15550 and $0.15650 come into play, aligning with recent reaction zones and short-term momentum shifts. Related Reading: Dogecoin Gears Up For A Breakout To $0.29: Can Bulls Hold Key Support? Conversely, a failure to hold above $0.15250 could trigger a retest of the $0.15100 support region. A drop below this level would weaken the bullish case, possibly invalidating the current reversal structure. If selling pressure intensifies below $0.15100, DOGE may slide further, suggesting bears have regained short-term control. Featured image from Adobe Stock, chart from Tradingview.com

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