Dogecoin price has formed at least three bullish chart patterns, pointing to an eventual surge in the coming months.
Dogecoin (DOGE) rose to an intraday high of $0.1680 on Monday, up by 27% from its lowest level this month.
The ongoing rebound has mirrored the performance of Bitcoin (BTC) and other meme coins like Fartcoin (FARTCOIN) and Dogwifhat (WIF). Bitcoin has jumped to over $84,000, while futures tied to the Dow Jones and Nasdaq 100 indices soared by over 400 points.
DOGE is typically correlated with Bitcoin and the stock market. Its latest bounce has occurred in a high-volume environment, with 24-hour trading volume up 5% to nearly $1 billion.
The price move also comes as Polymarket traders remain optimistic about the potential approval of a Dogecoin ETF later this year. Those odds have recently climbed to 64%. The key argument is that Dogecoin, like Bitcoin, is a proof-of-work coin, meaning the SEC is less likely to classify it as a security.
Crypto analysts on X are notably bullish on DOGE. In a recent post, Ali Martinez, a popular analyst, used the weekly chart to predict a potential rally to $0.29, as long as the token holds support at $0.13. He identified this level by connecting the lowest swing points since 2023.
Dogecoin price technical analysis
The daily chart suggests a possible continuation of the rebound, as Dogecoin has formed multiple bullish chart patterns. It recently confirmed a double-bottom pattern at $0.1425, a key support level tested on both March 11 and April 7.
In addition, DOGE has broken out of a falling wedge pattern, which is formed by two descending, converging trendlines. This setup typically resolves with a strong bullish breakout near the point of convergence—a condition now being met.
The KDJ indicator has also flashed a bullish divergence. All three lines are now pointing upwards, signaling upward momentum. As with other oscillators, a bullish divergence occurs when the indicator rises even as the asset’s price declines.
Therefore, the initial DOGE price target is $0.2060, its highest point on March 26, which is up by 25% above the current level. A drop below the support at $0.1425 will invalidate the bullish view and point to more downside.
