Peter Smith
Dogecoin (DOGE) has been capturing traders' attention with a compelling technical setup that suggests significant upside potential. The meme coin's recent price action has formed a classic double bottom pattern within an ascending triangle structure, creating conditions that historically precede major rallies. With institutional developments adding fuel to the fire, DOGE appears positioned for its next major move.
DOGE Price Setup Signals Major Upside
As noted by trader, DOGE is currently trading around $0.215, displaying notable strength after breaking above its EMA ribbon and confirming the double bottom pattern. This technical combination typically signals a shift in momentum favoring buyers over sellers.
The critical $0.245–$0.27 zone represents the key resistance level to watch. This area has previously rejected price advances, making it a crucial battleground for bulls. If the $0.21 support level remains intact, DOGE has a clear path to reclaim the $0.40 territory in the near term.
Market Catalysts Boost DOGE Momentum
The technical picture gets additional support from fundamental developments. The House of Doge recently approved a substantial $200 million DOGE treasury, with Alex Spiro - Elon Musk's attorney - taking the chairman role. Though Musk's direct participation remains unclear, this move has sparked fresh speculation about Dogecoin's expanding utility in payments and decentralized finance.
This institutional backing, combined with renewed community enthusiasm, strengthens the case for sustained bullish momentum as long as key support levels hold firm.
Can DOGE Price Reach $1?
Breaking through the $0.27 resistance zone opens the door to the next major target at $0.40. Success at this level could accelerate momentum toward the psychological $1 mark - a price point that has long captivated the Dogecoin community.
However, traders must monitor the crucial $0.21 support level. A breakdown here could lead to a pullback toward $0.19–$0.20 before another upward attempt materializes.
Peter Smith
