Saad Ullah
Dogecoin (DOGE), one of the market’s most followed altcoins, appears to be stabilizing after weeks of steady decline. According to a technical chart shared by a well-known trader on X, DOGE may be on the verge of a bullish reversal, forming a classic bottoming pattern above a key support level. With several signs pointing toward renewed upward momentum, traders are watching closely for confirmation.
Dogecoin (DOGE) Price Action and Technical Breakdown
Over the past few weeks, DOGE has followed a clear downtrend, dropping from a local high of $0.20411 to a major low near $0.16500. The chart shows a series of consolidation phases along the way, particularly around the $0.20073 and $0.17131 levels, before resuming its decline.
The most recent price action reflects a bounce from this major low, suggesting potential exhaustion in selling pressure. According to the chart shared via TradingView, DOGE has formed a base that could act as a launchpad for a trend reversal.
Outlook: Bullish Reversal Setup
A projected breakout path, illustrated by the blue curve, shows DOGE reclaiming higher levels—potentially reaching $0.19000–$0.22000 in the short term. While confirmation is still needed, the structure resembles past recovery patterns that led to substantial rallies.
If market sentiment improves and DOGE continues to hold above the $0.16500 support, the setup could attract fresh buying interest, especially from short-term traders eyeing technical rebounds.
Conclusion
Dogecoin's recent chart structure highlights a possible bullish reversal scenario following a prolonged downtrend and major consolidation. With the price currently hovering around $0.165, all eyes are on whether the meme coin can confirm its bounce and begin targeting the $0.20+ zone once again. As always, market confirmation will be key.
Saad Ullah
