DOGEUSD Dogecoin

The daily Dogecoin/USDT chart published on X by Bitcoinsensus depicts the memecoin locked in a textbook bullish reversal that has been six months in the making. Dogecoin Breakout Within 7 Days? Price action stretching from last October’s vertical rally to the present has carved a broad descending trend line that caps every major swing-high: first the December spike just above $0.48, then a second, lower reaction high in mid-January around $0.43 and a third touch 10 days ago at roughly $0.26. That trend-line is still intact, but—crucially—it now sits only a few percentage points above the market. Within that larger down-trend, Bitcoinsensus highlights an inverted head-and-shoulders pattern whose left shoulder bottomed near $0.142 in mid-March, whose head extended to roughly$0.141 at the start of April, and whose right shoulder formed in early May at about $0.164. The neckline of that structure is not horizontal; it falls modestly from left to right and intersects the chart marginally above $0.185. The analyst marks the 8 May daily candle with a red circle labelled “Breakout,” signalling that the minimum technical requirement for pattern confirmation has already been met. Related Reading: Dogecoin On The Edge: Major Breakout Or Breakdown Imminent? Since that breakout, Dogecoin has retraced in what the analyst calls a healthy manner. The pull-back has so far respected the neckline, transforming it from resistance into first-layer support. Bitcoinsensus’ projected path, drawn in white, envisages one further dip that tags the long-term trend-line—now lurking near the $0.23–0.24 area—before momentum reverses upward. The forecast gives the market a seven-day window to complete that retest and launch a fresh advance. “Dogecoin has been slightly pulling back in a very healthy manner, preparing for the next major breakout. The anticipated breakout is expected to happen within the next 7 days, with a retest of the trendline for confirmation,” the analyst writes. Related Reading: Dogecoin Ready To Howl? Falling Wedge Breakout Hints At A Rally If the trend-line gives way, the next test would be a grey “Supply Zone” boxed between $0.42 and $0.43, an area that coincides with the January distribution range and the second anchor point of the descending trend-line. “Next Target will be the supply zone at around $0.42-$0.43 per DOGE. Expect a fast move up once the breakout is in full force,” the analyst adds. A decisive daily close inside that band would, in classical chart-theory terms, establish the first higher-high on a major timeframe since November and open the door to a broader trend reversal. Invalidation remains straightforward. A daily settlement back below the neckline—effectively the $0.185 handle—would negate the inverted head-and-shoulders structure and leave the March/April lows vulnerable. Until then, the technical bias skews higher, and the clock on Bitcoinsensus’ seven-day breakout thesis is ticking. At press time, DOGE traded at $0.221. Featured image created with DALL.E, chart from TradingView.com