Dogecoin Forms Bullish Double-Bottom Near Key Support
Dogecoin (DOGE) is showing signs of a bullish reversal, forming a double-bottom pattern around the $0.15 support level. This classic technical pattern indicates strong buyer interest and often precedes a significant price rebound. After trading between $0.13 and $0.25 since February, DOGE is now attempting to break above short-term resistance levels, currently hovering near $0.1626.
The breakout above a descending trendline in early July further supports the bullish thesis, with technical momentum now pointing toward a move higher.
DOGE Price Faces Critical Resistance at $0.177
DOGE faces its first major resistance at $0.177, a level where on-chain UTXO data shows 8.94% of DOGE supply is held. A decisive daily close above this price could trigger buying momentum, pushing the price toward the next resistance zone at $0.206.
A break above $0.177 would validate the double-bottom breakout and likely initiate a move toward the psychological level of $0.25.
Historical resistance at $0.25 remains a key target for bullish traders watching the memecoin’s technical structure.
On-Chain Data Shows Mixed Sentiment Among Holders
While some short-term holders have taken profits or sold at losses, long-term sentiment remains intact. Recent UTXO realized price distribution shows accumulation patterns around $0.15 to $0.17, suggesting that this consolidation phase could be a launchpad for further gains.
DOGE remains one of the most actively traded assets, consistently ranking among the top 10 cryptocurrencies by daily volume, highlighting sustained investor interest.
Memecoin Narrative Remains Strong Across the Market
According to recent sector performance data, memecoins have delivered a 56.67% return over the past 90 days — outperforming major altcoin categories. This performance has renewed market enthusiasm for DOGE, especially among retail traders.
Technical indicators, strong memecoin sector performance, and on-chain data all support a potential rally toward $0.25.
Conclusion: DOGE Poised for Recovery if Resistance Breaks
Dogecoin’s price structure, highlighted by a double-bottom formation and trendline breakout, supports a bullish case in the near term. A sustained close above $0.177 could pave the way for a rally toward $0.25, with further upside possible if broader market conditions remain favorable.
Traders should watch for volume confirmation and follow price action closely as DOGE approaches critical resistance.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.