Dogecoin’s long decline from its yearly high of $0.48 may be nearing a turning point, with technical analysts pointing to signs of a major trend reversal.
The meme coin, which has hovered around the $0.16 mark for weeks, is now flashing signals of a potential breakout that could mark a new phase of growth.
One key indicator is the reappearance of a falling wedge pattern — a historically bullish formation — spotted by crypto chartist Trader Tardigrade. He notes that DOGE has formed this structure three times in the past two years, each preceding a significant price rally.
The latest wedge is reportedly larger than prior ones, suggesting the breakout could be even more explosive, possibly pushing DOGE beyond $0.95 if history repeats.
The setup follows a long period of downward drift and indecision, but other analysts are also noting subtle momentum shifts. AlienOvicho, another trader, highlighted that Dogecoin has started to break through a descending trendline on lower timeframes.
While no full bullish confirmation is in place yet, the early signs point to a move toward the $0.20 range — a key level near previous local highs.
While the market remains volatile, Dogecoin may be quietly preparing for its next major move.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/dogecoin-poised-for-breakout-after-months-of-slump-analysts-say/