Dogecoin Eyes $0.21 After Breaking Resistance on Bullish Signals
Dogecoin (DOGE) rose by 10% last week, trading around $0.182. On the daily chart, DOGE broke a descending trendline. The MACD line crossed above its signal, showing growing momentum. In the 4-hour timeframe, an inverse head and shoulders pattern led to a breakout and successful retest above $0.18. A cup and handle on the 12-hour chart suggests further upside. The measured move from these patterns targets $0.211. Analysts note that Dogecoin must clear resistance near $0.185 to confirm bullish continuation. On Binance, top traders hold 77.8% long positions, and sentiment indicators remain positive. DOGE trades between $0.177 and $0.184, with support at $0.18. Meanwhile, the Bitwise spot DOGE ETF is in a 20-day automatic approval countdown, potentially becoming the first US-based DOGE ETF. A successful launch could boost liquidity and institutional demand.
Bullish
The technical indicators on multiple timeframes show Dogecoin gaining bullish momentum. A daily trendline breakout accompanied by a bullish MACD cross indicates increasing buying pressure. Shorter timeframes reveal bullish chart patterns: an inverse head and shoulders on the 4-hour and a cup and handle on the 12-hour, targeting $0.211. Market sentiment supports this view, with 77.8% of top traders long DOGE, and sentiment models remain bullish. Additionally, the pending Bitwise spot DOGE ETF approval may attract institutional flows. Historically, successful ETF listings and bullish technical setups have led to short-term rallies followed by sustained rallies as liquidity and attention increase. In the short term, these factors could push DOGE towards $0.21. Over the long term, approval of a DOGE ETF could underpin continued demand and price stability.