Dogecoin (DOGE) Market Update
Dogecoin (DOGE) has dropped 6.7% over the past week and 20% over the last 30 days, reflecting broader market concerns. TradingView analyst “Cobra Vanguard” warns bears to “be careful” as a cup and handle pattern suggests a potential price surge. The AB=CD harmonic pattern predicts DOGE could hit $0.88.
Recent Performance
Dogecoin has struggled in recent weeks, mirroring broader market uncertainties. The meme-inspired cryptocurrency has lost 6.7% from its recent high near $0.20, dropping to a low around $0.16. Over the past 24 hours, DOGE has slipped another 4.0%, contributing to a 20% decline over the last month.
Potential Trend Reversal
Despite the downward trend, analysts are closely monitoring key technical indicators that suggest a possible trend reversal. A well-known TradingView analyst, Cobra Vanguard, has cautioned bearish traders to “be careful,” pointing to a bullish formation in Dogecoin’s price action.
Dogecoin Cup and Handle Pattern Signals a Potential Breakout
One of the most significant technical patterns identified is the cup and handle formation, which has been developing since mid-2021. This pattern typically indicates long-term accumulation, often preceding a market rally. According to Cobra Vanguard’s analysis, the cup bottomed out around $0.04 in mid-2022, marking the lowest point of the pattern. Following a steady recovery, DOGE touched $0.47 in December 2024 before experiencing a retracement. This pullback has since formed the “handle,” which is now showing signs of consolidation.
Price Predictions and Indicators
The AB=CD harmonic pattern, a widely recognized structure in technical analysis, mirrors previous price movements. Based on this pattern, DOGE could target a price as high as $0.88, a substantial increase from current levels. The analyst’s warning to bearish traders suggests that a potential breakout could catch short-sellers off guard, forcing them to cover positions and fueling a price surge.
Long-Term Outlook
Adding to the optimism, analyst Ali Martinez has highlighted Dogecoin’s long-term ascending channel, which consists of three trend lines representing the upper, middle, and lower boundaries of price movement. DOGE has historically respected the lower boundary of this channel, often bouncing off this level to initiate upward moves. Currently, the asset is testing this key support area, and if it holds, a sharp reversal could be in store.
Resistance Levels
Martinez’s analysis further incorporates Fibonacci retracement levels, which suggest that DOGE’s price could reach as high as $7 under a strong bullish scenario. Meanwhile, TradingView analyst ReadCrypto has outlined crucial resistance levels that Dogecoin must surpass to confirm a sustained recovery. The first major barrier is $0.1895, a level that previously served as support but turned into resistance after the price dropped below it on March 9. While DOGE briefly reclaimed this level, it failed to hold above it consistently.