Despite falling 47% YTD, DOGE has broken out of a symmetrical triangle on the 4-hour chart.
The AO has flipped positive, indicating bullish momentum, while the CMF is above the zero line.
On the daily chart, DOGE has exited a descending channel and trades above the 20 EMA.
This year, Dogecoin’s (DOGE) price has dropped by 47%. This decline happened due to low demand for the coin and intense selling pressure at some point.
However, as of this writing, it appears that things are ready for change for the better. Trading at $0.17, Dogecoin’s price has risen nearly 5% in the last 24 hours, with its volume surging almost 300% within the same period.
But will DOGE’s price hold this trend? Let’s find out.
Dogecoin Hints at Higher Highs
On the 4-hour chart, Dogecoin’s price traded in a symmetrical triangle between mid-June and Sunday, July 6. This pattern indicates a consolidation phase, with bulls and bears having a similar level of control.
However, as of this writing, DOGE has broken out of the upper trendline of the triangle pattern. This breakout indicates bulls seem to be outpacing bearish dominance.
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If sustained, this could cause DOGE’s price to break the resistance at $0.19, with support at $0.16. Following the breakout, the Awesome Oscillator (AO) has risen to the positive region in the same timeframe.
Echoing this outlook, pseudonymous crypto analyst Rekt Capital suggested that Dogecoin’s price may be primed for an extended bounce.
In his latest analysis of the altcoin market, Rekt Capital highlighted the potential for DOGE to rebound toward higher highs, citing improving momentum and historical breakout patterns.
“DOGE simply maintains a range-bound construction between $0.16 and $0.22. So, price stability here should enable a future revisit of the Range High over time,” The analyst stated.
DOGE Price Analysis: Sights on Recovery
The daily DOGE/USD shows that the cryptocurrency has broken out of a descending channel. This breakout was fueled by rising buying pressure, as the Chaikin Money Flow (CMF) indicated.
As of this writing, the CMF has maintained its position above the zero signal line. This indicates that accumulation has outpaced distribution, and DOGE’s price could trade higher.
Beyond the CMF reading, DOGE’s price has risen above the 20-day Exponential Moving Average (EMA) (blue), which indicates strong support for the cryptocurrency.
As long as this remains the case, DOGE’s price might rise toward $0.20 in the near term. Should the crypto break past this level and buying pressure increases, the market value could rise to $0.25 at the 0.618 golden ratio.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
