Analyst Identifies Bullish Dogecoin Pattern Aiming for $0.69

DOGE Eyes $0.69 as Weekly Support Holds Strong

Dogecoin price is currently trading at $0.2141, showing a 6.89% gain in the past 24 hours. It is among the best performing meme coins, beating Shiba Inu, Pepe, and Bonk, with a market capitalization of $32.2B and trading volume of 1.67B.

Weekly Support Zone Holds as Dogecoin Price Rebounds

On the 1-week chart, Doge has bounced off an important ascending trendline, which has been the point of support of every major bull run. Analyst ali_charts has found this zone to precede rallies of more than 400% and 13,000% in previous market cycles.

Source : X

Dogecoin price has also been supported around the current level of 0.19, which has been a historically significant level where the past upward rallies have originated. The level still serves as an accumulation base in times of larger market corrections.

Patterns Suggest Continuation Toward Higher Levels

On the 3-day time frame, Doge is forming a symmetrical triangle structure with two rising “W” patterns inside. As Trader Tardigrade said, such formations had been seen ahead of big rallies.

Dogecoin 3-day price analysis : Source : X

This arrangement is consistent with the Doge price formation in late 2023 that was preceded by an upside breakout above 0.30. The present structure is bigger, and analysts indicate that it might hold a more powerful breakout, and upside targets may be at $0.69.

Nevertheless, there is caution on the daily chart where a Head and Shoulders pattern has been formed. A rejection of the bullish setup could be represented by a confirmed close below $0.19.

Dogecoin Daily head & shoulders pattern : Source : X

Despite this, Dogecoin has held above the neckline, and current candles remain within a consolidation range between $0.195 and $0.215.

Momentum Builds in Doge/BTC Pair and Derivatives Market

DOGE/BTC reveals a reversion to the pre-surge price, in which it had rallied by 377%. The pattern on the chart resembles, to a large extent, the previous arrangement, having a bottom that is rounded and with a smooth rise in relative strength.

Doge/BTC price chart analysis : Source : X

There is again a convergence in the surge zones on both DOGE and DOGE/BTC charts, indicating a potential shift in sentiment and even possible breakout conditions.

Dogecoin price has pierced a falling wedge pattern on the 8-hour Heikin Ashi chart. A breakout is followed by green candles, which may signal a short-term trend reversal to the upside.

The bullish momentum is confirmed by derivatives data on CoinGlass. The overall open interest increased by 7.02% to the current figure of 3.18B. The options volume increased by 1484.71% to $284.17K, and options open interest increased by 81.91%.

The long/short ratio in the last 24 hours is 1.0644, and the Binance and OKX accounts reflect ratios of more than 2.8, which means that the bias is long-heavy. Top trader positioning is also indicative of greater long exposure, especially on Binance.

These numbers indicate a rising speculative interest and positioning to a possible further price action.

Altcoin Market Support Adds to Bullish Bias

The total crypto market cap without Bitcoin and Ethereum (TOTAL3) displays support at a significant trendline. An oversold stochastic reading, which in the past led to altcoins rallies, is also shown on the daily chart.

This wider market action allows the potential of altcoins to profit, with Dogecoin regularly experiencing exaggerated price movements. The technical patterns in various charts contributes to the likelihood of additional upside in case the market strength persists.

Moreover, Dogecoin Fear and Greed Index is at 54, which represents a neutral mood. This means that it is neither overly optimistic nor fearful and gives space to directional confirmation of market data.