Dogecoin News Today: Dogecoin Poised for 7%–10% Gain as Bullish Pattern Emerges

Dogecoin, a popular cryptocurrency, is currently exhibiting signs of a potential bullish market structure shift. The cryptocurrency is on the brink of confirming a double bottom pattern, a classic reversal formation that indicates bullish continuation if the neckline resistance is breached. Recent price movements have shown strong support at $0.15, where multiple successful retests have sparked rallies. With Dogecoin now trading at a key resistance zone, traders are closely monitoring for signs of an impulsive breakout.

The double bottom pattern is forming with support at $0.15, which has acted as a strong base, sparking bullish momentum. Dogecoin is currently testing a confluence resistance at the 0.618 Fibonacci retracement and the value area high. A higher low above the point of control (POC) would confirm bullish continuation. If Dogecoin breaks above the current resistance confluence with rising volume, a rally toward the $0.23 high time frame resistance becomes likely. However, a corrective pullback is also possible before continuation. As long as the price remains above the point of control, the market structure favors the bulls.

The activation of the double bottom will occur once Dogecoin breaks through the current resistance region with strong momentum and impulsive candle closes. This hasn't occurred yet, but the price structure and momentum suggest that Dogecoin is coiling up for such a move. Monitoring the volume profile in this zone will be critical, as increasing volume would signal breakout strength and confirm bullish intent.

The rally in Dogecoin's price demonstrates institutional conviction, with emerging resistance near $0.23. Traders are now monitoring the next target for DOGE, which is projected to be between $0.23 and $0.25, representing a significant increase from its current levels. The price of Dogecoin is predicted to increase by 7%–10% and may reach $0.205 by the end of this week if it continues on its current trajectory. Immediate resistance is found at $0.21300, but this is likely to break right away, allowing for a few days of fluctuation because the market never moves in a straight line.

Resistance levels at $0.23 are historically significant, aligning with April and May upper wicks. If the price breaks above this level, it could signal a trend reversal. Key levels to watch include immediate resistance at $0.23, a historically significant level that aligns with previous upper wicks. If Dogecoin can break above this red zone with strong momentum, it could indicate a bullish trend continuation.