Bitcoinist 2025-05-01 05:30:38

Dogecoin Price Completes Bullish Rounded Bottom, Moves Into Range For This Breakout

A new technical analysis has revealed that the Dogecoin price has officially completed a bullish rounded bottom pattern, signaling a potential trend reversal and paving the way for a significant price rally. Supporting the possibility of a breakout, Dogecoin is also entering into a critical range, with analysts closely watching for a decisive move that would confirm the start of a new bullish phase . Dogecoin Bullish Rounded Bottom Confirmed A 4-hour Dogecoin price chart shared by Bitguru, a crypto analyst on X (formerly Twitter), displays a textbook rounded bottom pattern . This technical pattern is seen as a classic bullish structure and forms when a cryptocurrency’s price moves in a bearish trend and rebounds, creating a gradual U-shaped curve. Dogecoin’s current rounded bottom pattern formed after it experienced a prolonged downtrend from the $0.205 zone to a low of $0.130, showing strong bearish momentum. Following the market dump in early April, Dogecoin began to form higher lows and gradually curve upward, indicating that buyers are finally gaining strength and accumulation is increasing. The rounded structure, labelled “Bullish Beauty,” in the price chart shows two key lows—the first bottom around $0.13009 and the second higher low near $0.15217. These lows form the characteristic U shape seen in bullish, rounded bottom patterns. This structure suggests that bears are losing steam , highlighting a significant shift from bearish to bullish territory. Bitguru has identified the $0.16661 and $0.18028 levels as critical resistance zones during Dogecoin’s previous downtrend. However, these levels have been breached, with strong bullish candles confirming the breakout. Currently trading at $0.18 with substantial momentum and volume, DOGE has entered a consolidation phase above its breakout zone, suggesting strength and a likely continuation of an upward trend. With bullish sentiment and technical indicators aligning, Bitguru reveals that buyers are preparing to drive the Dogecoin price to a fresh all-time high . A breakout above the resistance range near $0.19 – $0.2 would further invalidate the bullish setup, signaling strong upward momentum. DOGE Price Approaches Critical Breakout Range The Dogecoin price could be gearing up for a significant breakout, as crypto analyst Trader Tardigrade revealed in an X post that the meme coin is now entering a critical range level. On the 4-hour chart, DOGE has been moving sideways in two distinct range-bound periods over the past few weeks. During these phases, the meme coin’s price action has exhibited a classic “false break” behaviour. In the first observed range, Dogecoin witnessed a false breakdown , dipping below the support level before recovering slightly. This move was followed by a false breakout , during which the price surged above the resistance line but quickly retraced. Eventually, Dogecoin managed to move above the range, establishing a new consolidation zone at a higher level. A similar pattern has now emerged in the current range. DOGE briefly dropped below support in a false breakdown, and afterwards, it attempted a false breakout above the resistance — only to be pulled back into the range. Trader Tardigrade suggests that after multiple failed attempts to break the range meaningfully, Dogecoin is primed for a true breakout , potentially triggering a rally to $0.19.

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https://www.digistore24.com/redir/325658/ceobig/

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