Dogecoin's Rollercoaster Ride: Cup & Handle Pattern Suggests Potential Bottom

Dogecoin, the popular cryptocurrency known for its meme-inspired origins, has been on a rollercoaster ride in recent months. After reaching an all-time high of $0.4843 on December 8, 2021, the price of Dogecoin (DOGE) has since plummeted by more than 57%. However, a closer look at the technical charts suggests that a potential bottom could be near, with a classic "Cup & Handle" pattern taking shape.

The "Cup & Handle" pattern is a bullish reversal formation characterized by a rounded "cup" followed by a smaller consolidation or "handle." In the case of Dogecoin, the cup phase reflects the market's effort to find a bottom, while the handle phase often takes shape as a brief pullback or sideways movement before a potential breakout. According to a technical analysis shared on X by Rose Premium Signals (@VipRoseTr), the DOGE price could face a last leg down before it finds its low near the $0.16896 support zone, which marks the base of the possible Cup & Handle pattern.

The pivotal zone for Dogecoin's next move appears to be near $0.29124. If the price rallies above this threshold, it would likely confirm the Cup & Handle formation and could trigger a robust upward swing. Traders may interpret a decisive daily or weekly close above $0.29124 as a confirmation signal, potentially ushering in bullish momentum. Rose Premium Signals writes via X, "DOGE is showing strong bullish potential as it approaches a key reversal zone. Price has reached the $0.16896 support, aligning with a potential Cup & Handle formation. A breakout above $0.29124 could confirm a rally toward new highs."

In terms of upside objectives, Rose Premium Signals indicates that Dogecoin could climb toward the $0.50 - $0.60 range if the Cup & Handle pattern plays out as anticipated. This target corresponds to historical zones of increased trading activity and psychological levels that often capture traders' attention. The analysis further notes potential for further upside, hinting that Dogecoin's trajectory may extend beyond $0.60 should positive sentiment intensify. The analysts say, "Long-term target sits near $0.50 - $0.6