Dogecoin Price Prediction: Chart Pattern Similar to DOGE Price Rise in 2021 is Flashing

The DOGE chart closely reflects the pattern commonly seen before major breakouts, driving predictions for Dogecoin's price in the short term similar to the bullish trend of early 2021. This event occurs when the meme coin tests the historical support zone that marked the market bottom in mid-April—a crucial moment to alleviate the 35% decline since the local peak in mid-May. Looking at the macroeconomy, recent statements by Fed Chairman Jerome Powell regarding the resilience of the U.S. economy - despite the ongoing instability - may encourage a return to a broader risk appetite. Technical And Fundamental Factors History "All Are Pointing Towards" A Bullish Wave The famous analyst X, who goes by the pen name 'Batman', has emphasized the developing double bottom pattern on the 4-hour chart—a classic reversal pattern.

They noted this sideways consolidation as a historical sign of quiet momentum towards a explosive move, with the most prominent example being the 15-fold bullish increase of Dogecoin in 2021. The special analyst focuses on the "key support level" around the $0.168 mark as the starting point for the bullish staircase pattern, with a four-wave move pushing DOGE above $0.25. The outlook is not only technical. The fundamental catalysts "are all lining up" with many DOGE ETF applications awaiting approval and the continuous accumulation from whales. On June 15, analyst Ali Martines reported that whales had accumulated over 800 million DOGE within 48 hours following the initial retest of the support level at $0.168 - a testament to the reversal.

More importantly, Batman continues to receive endorsement from Elon Musk as rumors suggest that it will accept Dogecoin for payments on platform X. The historical influence of Musk - which propelled DOGE to prominence in 2021 and reignited its resurgence at the end of 2024 through the DOGE initiative - continues to serve as a key catalyst. Dogecoin Price Analysis: How High Can the Reversal Go? The strength on lower time frames further reinforces the optimistic argument that the support level of $1.68 could lead to the breakout of the massive cup and handle pattern that has been in place for 4 years.

The level of $0.168 currently serves as the last line of defense for the long-standing support trendline that has marked the local bottom since mid-2024. This trend line also intersects with the upper resistance level of the handle, creating a high-risk confluence area where breakout pressure is forming. With a strong bounce, the breakout will target a technical level of over 345% compared to the current price at $0.75 based on the Fibonacci extension level of 1.618. However, momentum indicators still doubt that Dogecoin has enough support to drive a bullish move. The golden crossover since May has proven to be short-lived as the MACD widened the gap below the signal line after the death cross at the beginning of June—a sign that the long-term bearish trend is prevailing. The RSI index also shows weak buying pressure, sitting below the neutral line at 42. If the level of $0.168 fails, the price of Dogecoin could drop 47% to the next major support level at around $0.090, a level that was last tested during the mid-2024 correction.