Dogecoin Price Breaks Out of Double Bottom Pattern, DOGE to $0.41?

After setting up a double bottom, Dogecoin price broke above a notable resistance level in the market, reviving interest in the meme coin.

DOGE is now closely watched by analysts, and some see potential targets at $0.28, $0.33, and $0.41.

The most recent meme crypto rally was observed as Dogecoin whales purchased over 130 million DOGE, which added to the bullish reversal predictions.

Dogecoin Price Bullish Reversal Confirmed

Dogecoin price surged above its neckline at $0.231, before slightly decreasing at the time of writing. This trend finished a double bottom formation, with the first bottom in April and the second around July.

Both dips settled near the $0.15 region, confirming strong buyer support at those levels.

Notably, the neckline, a critical resistance point during Dogecoin price consolidation phase, had held since early Q2.

Once breached, DOGE maintained its position above the neckline, a move that signalled potential continuation of upward momentum.

Dogecoin is also holding above the 200-day moving average. According to analyst Jonathan Carter, this moving average is a key marker of long-term trend direction.

Carter observed that DOGE bounced off this level during the recent rally, suggesting strong demand from buyers at that support area.

This alignment of the moving average and neckline has formed a dual-support structure. If sustained, the setup could provide a foundation for continued upward price movement.

The daily chart also shows that DOGE has responded positively around these levels, reinforcing analyst expectations.

Analysts Eye DOGE Targets Between $0.28 and $0.41

Another analyst, who posted the original DOGE breakout chart, outlined near-term resistance at a level of $0.28.

He observed that the level used to be an area where sellers had come into the picture in previous rallies. A break higher than this can allow Dogecoin to run up to the next $0.33 and perhaps even $0.41.

The same was echoed by Jonathan Carter in another analysis. He established that the meme coin breakout was steady, and traders responded positively to the neckline area.

Carter also set DOGE price targets between $ 0.28 and 0.41 based on historical prices recorded in 2022 and early 2024.

Other analysts also shared scenarios where DOGE could climb toward $0.85 or even $5, assuming the current trend structure remains intact.

Whale Accumulation Signals Confidence in Support Zone

Meanwhile, over the last 24 hours, wallets holding between 10 million and 1 billion DOGE accumulated 130 million coins. This occurred as Dogecoin price fell below $0.23 after a 14% decline in the last 7 days.

According to analyst Ali Martinez, this trend is generally representative of strategic accumulation.

Santiment data showed that this accumulation was also accompanied by price testing the neckline zone.

The purchase of whales during such corrections has always been a precursor to an increase in the meme coin price.

These large holders may be positioning for bullish continuation, especially after the pattern confirmation.

Trader Tardigrade also pointed to the formation of a potential smaller double bottom on the 4-hour chart.

The analysts noted that the two lows near $0.2160 and $0.22 are separated by a modest short-term rebound, forming the base of a double bottom.

More so, DOGE resistance around $0.2435 remained firm but could be breached if buying volume strengthens in the coming sessions. Dogecoin price at press time was close to the neckline, trading at $0.21.

Earlier, analysts in the industry argued about what may come after Dogecoin price confirmed breakout, with most eying a bullish rally.

Analysts highlighted the triangle pattern and breakout-retest as key signals, targeting $0.45 to $1 if the trend continues.