Dogecoin Maintains Breakthrough Structure: Will DOGE Rise Soon?

Dogecoin has escaped a prolonged downtrend and is holding above $0.16. This change has drawn attention from analysts who are watching to see if such an arrangement will soon lead to a bullish run for DOGE. Surpassing the position $0.16 Dogecoin price for the bullish target Notably, the recent price movements of Dogecoin indicate that this meme coin has regained the level of $0.16, which was a resistance area for most of Q2. This level is a support threshold for the possibility of a reversal, assuming the buying force continues. Market analyst, Ledger Bull, has pointed out three bullish targets, $0.20333, $0.22899, and $0.25383. These are the next areas where the price of DOGE may react if bullish strength returns.

Additionally, the move above $0.16 comes after a prolonged 下行 trend that has stifled Dogecoin's progress for several weeks. This breakout was supported by an initial increase in volume, followed by a consolidation phase. Ledger Bull is very eager to see if the volume will return in the next bullish phase. A solid close above $0.20333 will confirm a change in market structure and open the door for Dogecoin price to test higher charted targets. DOGE retests the downtrend line Furthermore, Trader Tardigrade notes that Dogecoin is testing the long-term downtrend line on the 4-hour chart. This line, drawn from a series of lower highs formed from late May to mid-June, has previously acted as a ceiling for any bullish attempts.

This week's meme price action shows that DOGE has returned to the downtrend line after breaking it. This is a common pattern in technical analysis that often tests the strength of a new trend direction. In addition, the area around $0.158 to $0.162 is a retest zone. This could be a solid recovery at this level, indicating no breakout and that the buyers may be defending the new support level. Moreover, higher lows and increasing volume on bullish candles will confirm that higher lows will follow the stagnation of the downtrend. If this retest is successful, the market could see Dogecoin's price continue to rise to $0.20. The Fractal model shows that DOGE could repeat the setup from 2015 to 2017. Another analyst, GalaxyBTC, noted a longer-term repeating pattern, compared to the price structure of Dogecoin from 2015 to 2017. During that time, the asset followed a three-wave accumulation pattern before starting a strong bullish trend. Analysts note that a similar pattern is re-emerging on the weekly timeframe, supported by a bullish trend line that remains intact.

In the historical model, the third wave was completed just before a major breakthrough. The price of Dogecoin is currently in a similar cycle, with the third trend rising. Support is still on the same upward line that has been maintained for several quarters. This upward trend, along with the similarity to historical price movements, has led to speculation that Dogecoin may be in a similar bullish phase. Meanwhile, recent analysis shows that the price of Dogecoin is consolidating its base with a strong trendline and horizontal support at $0.159. The second weekly touch of the long-term upward trendline coincides with the historical bullish reversal. Moreover, analysts expect the price to rise to $0.25 and potentially $1 if this bullish momentum continues, supported by increasing trading volume.