Dogecoin Price Bounces Off Key Reversal Zone, Analyst Reveals Where It’s Headed

Bitcoinist
Updated
Mitrade
coverImg
Source: DepositPhotos

Dogecoin has rebounded strongly after hitting a crucial support level, reinforcing bullish expectations laid out in a recent technical analysis. The popular meme cryptocurrency, which suffered a sharp decline last week, has defied concerns of an extended decline by bouncing off the $0.16896 reversal zone and now climbing toward higher levels. Now trading at $0.22, Dogecoin’s price action appears to align with a Cup & Handle formation, which is setting the stage for an extended rally.


Dogecoin Bounces Off Key Reversal Zone


A crypto analyst on social media platform X highlighted Dogecoin’s approach to a key support level in light of last week’s crash. This notable price crash saw Dogecoin lose its support levels around $0.20 and $0.20 in rapid succession. With this, the analyst noted that the meme coin is approaching the most crucial support at $0.16896, where it has the highest likelihood of bouncing upward. 


As predicted, DOGE found stability just before hitting this level and has since trended upward, now in the process of forming a Cup & Handle pattern. This classic bullish structure often precedes significant breakouts, with the analyst now eyeing a move above resistance levels as confirmation.


Dogecoin


Notably, the next crucial test at this point is at $0.29124. The reaction to this resistance will be crucial in determining whether DOGE can sustain its recovery and push toward new highs. A decisive breakout above this level could ignite further bullish momentum and bring more bullish price targets into play.


Next Major Resistance Could Trigger Rally Toward $0.50 And Beyond


Following the bounce from support, the analyst outlined a long-term bullish scenario, projecting a rally towards $0.50 and $0.60. A move to $0.50 would mark Dogecoin’s highest price level in years while also representing a significant breakout beyond $0.48, where it faced rejection in December 2024. From here, long-term targets are beyond $0.6 and a new all-time high above its current peak of $0.737.


Nonethless, Dogecoin still has hurdles to clear, particularly at $0.29124. Even if Dogecoin bulls manage to break above this barrier, there is also the possibility of a retest before the next leg of the rally gains traction. 


The broader market sentiment also plays a role in Dogecoin’s trajectory. At the time of writing, Bitcoin and other major cryptocurrencies are starting to recover from last week’s decline after the announcement of a US crypto reserve. The bullish environment could support Dogecoin’s climb to new highs, and the meme coin could easily reach a new all-time high before the middle of the year.


At the time of writing, DOGE is trading at $0.2178, up by 5.8% in the past 24 hours, but still down by 5.3% in a seven-day timeframe.


Dogecoin

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Bitcoin Price Struggles for Momentum Amid Rising Global Conflict FearsBitcoin price started a fresh increase and tested the $108,800 zone.
Author  NewsBTC
39 mins ago
Bitcoin price started a fresh increase and tested the $108,800 zone.
placeholder
Record‑High Ethereum Open Interest Signals Institutional ConfidenceEthereum (ETH) grabbed fresh attention on June 16 as futures open interest climbed to a yearly high of $36.56 billion.
Author  NewsBTC
1 hour ago
Ethereum (ETH) grabbed fresh attention on June 16 as futures open interest climbed to a yearly high of $36.56 billion.
placeholder
Bitcoin Whale And Retail Inflows To Binance Fall To Cycle Lows, More Upside Ahead?As Bitcoin (BTC) reels amidst escalating geopolitical tensions between Israel and Iran – dropping from $110,530 on June 9 to just above $106,900 today.
Author  NewsBTC
2 hours ago
As Bitcoin (BTC) reels amidst escalating geopolitical tensions between Israel and Iran – dropping from $110,530 on June 9 to just above $106,900 today.
placeholder
Brazil’s Stock Exchange Launches USD-Backed Ethereum and Solana FuturesB3, a prominent exchange in Brazil, opened trading on futures contracts for Ethereum and Solana today.
Author  Beincrypto
2 hours ago
B3, a prominent exchange in Brazil, opened trading on futures contracts for Ethereum and Solana today.
placeholder
JPMorgan Could be Preparing to Launch its Stablecoin ‘JPMD’A new filing from the US Patent and Trademark Office suggests that JPMorgan may be launching a stablecoin.
Author  Beincrypto
2 hours ago
A new filing from the US Patent and Trademark Office suggests that JPMorgan may be launching a stablecoin.
Real-time Quote