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Dogecoin Price Completes Rare Rounded Bottom Formation, Bulls Charge For 300% Upshoot To $0.5 | Bitcoinist.com
Monthly Chart Shows Rounded Bottom Dating Back To 2021
According to an analysis shared on the TradingView platform, Dogecoin is currently in the late phase of completing a rounded bottom pattern on the monthly chart. The formation spans nearly four years, beginning with the explosive 2021 bull run that pushed DOGE to its all-time high above $0.73.
Related Reading: Looking To Buy The Dogecoin Dip Below $0.2? Analyst Says Wait For This To Happen FirstFollowing that peak, the Dogecoin price crashed heavily and entered an extended correction phase through 2022 and early 2023. However, each drop consistently formed higher lows, giving rise to a smooth, curved base that now appears to be ending on the right side. The chart shared by the analyst shows the distinct shape of the rounded bottom, with the Dogecoin price now closely interacting with the right side of the rounded bottom.
300% Upside To $0.5 Now In Play
If the rounded bottom structure holds and Dogecoin confirms a bullish breakout, the projected target from the pattern could take the price above $0.50 to make a new higher high. Such a move would translate to an approximate 150% increase from its current price. This price region, shaded in red on the monthly chart above, coincides with a major resistance zone from December 2024 and sits just beneath the all-time high set in 2021
Related Reading: Can Dogecoin Price Still Rally 1,000%? Analyst Reveals End-Of-Year PredictionBased on technical analysis, rounded bottom breakouts tend to be quick once the neckline resistance is breached, particularly when confirmed on high timeframes such as the monthly chart. As such, a confirmed break above $0.5 could send the Dogecoin price to new all-time highs above $0.73 very quickly.
The analyst who posted the chart notes that traders should watch closely, as either a bounce or rejection could shape the next big move. However, given the strength of the pattern and Dogecoin’s ability to consistently print higher lows, the setup currently favors the bulls. A clean monthly close above May’s high of $0.27 would be the first major sign that a breakout is close.