Dogecoin (DOGE) Price: Bullish Chart Patterns Signal Potential Rally

TLDR

Table of Contents

Dogecoin price started a fresh increase after finding support near $0.1650
A bullish trend line is forming with support at $0.1740 on the hourly chart
Diamond Bottom Reversal Formation suggests the ongoing correction may be ending
Technical indicators like MACD and PMO show positive momentum building
Analysts predict potential rallies to targets between $0.185 and $0.35

Dogecoin has shown resilience in recent market movements, with price action indicating a possible bullish breakout. After finding solid support around the $0.1650 mark, DOGE has begun climbing back toward higher resistance levels. Technical patterns and momentum indicators are aligning to suggest this popular meme coin may be preparing for another upward move.

The price recently climbed above the $0.170 resistance zone, showing renewed buyer interest. Bulls managed to push the price above the 50% Fibonacci retracement level of the downward move from the $0.1843 swing high to the $0.1642 low.

Chart analysis reveals a connecting bullish trend line forming with support at $0.1740 on the hourly chart of the DOGE/USD pair. Dogecoin is currently trading above both the $0.1750 level and the 100-hourly simple moving average, which are positive technical signals.

Immediate resistance lies near the $0.1780 level. The first major resistance for bulls could emerge around $0.1790 and the 76.4% Fibonacci retracement level. Beyond that, the next substantial resistance sits at approximately $0.1840.

Should Dogecoin break above the $0.1840 resistance, the path could open toward $0.1880 and potentially the $0.1920 level. Some analysts suggest that reaching the $0.200 psychological barrier could be within reach if momentum continues to build.

Diamond Bottom Formation

A particularly encouraging technical development is the formation of what analysts call a Diamond Bottom Reversal pattern. This bullish chart structure typically signals the end of a correction phase and the beginning of a new uptrend.

Crypto analyst Trader Tardigrade highlighted this pattern on the daily timeframe chart. The diamond-shaped pattern, created by converging trendlines, typically follows a period of negative activity before signaling a reversal.

#Dogecoin's daily chart appears to be forming a "Diamond Bottom" Reversal Pattern, suggesting a potential shift for $Doge from a recent downtrend to an uptrend.🔥 pic.twitter.com/6aSlEfUSMg
— Trader Tardigrade (@TATrader_Alan) May 6, 2025

The meme coin previously tested the upper boundary of this pattern and failed, leading to a slight pullback. However, technical analysts predict that when a definitive breakout occurs, DOGE could see a sharp rally, with some targeting the $0.35 price level.

This diamond bottom formation suggests Dogecoin may be building momentum for another upward move. The pattern could pave the way for a bounce to higher levels in the near term.

Momentum indicators are also flashing positive signals despite the current price correction. The Dogecoin Price Momentum Oscillator (PMO) is reportedly showing an impending bullish crossover, turning to what analysts call “green time” – indicating a phase of positive price movements ahead.

$DOGE is waking up… and when DOGE runs, the whole memecoin army follows.
This isn’t just a breakout it’s a signal.
Let’s gooo! 🚀🔥#DOGE #Dogecoin pic.twitter.com/SmBjDIrVVY
— 𝐊𝐚𝐦𝐫𝐚𝐧 𝐀𝐬𝐠𝐡𝐚𝐫 (@Karman_1s) May 6, 2025

The hourly MACD (Moving Average Convergence Divergence) for DOGE/USD is gaining momentum in the bullish zone, while the RSI (Relative Strength Index) remains above the 50 level, both supporting the case for continued upward movement.

On the downside, immediate support can be found near the $0.1740 level. Should the price fail to maintain this support, the next major level to watch would be around $0.1720, followed by the main support at $0.1650.

Breaking below the $0.1650 support could trigger further decline toward $0.1550 or possibly $0.1450 in the near term. However, current technical setups favor an upward trajectory over continued decline.

The technical picture for Dogecoin remains cautiously optimistic. With multiple bullish indicators aligning, DOGE appears positioned for potential upward movement, though resistance levels will need to be cleared before a sustained rally can take hold.

DOGE’s price action has caught the attention of various analysts who believe it could trigger renewed interest across the meme coin sector. Some traders suggest that should Dogecoin make a decisive bullish move, other meme coins might follow, potentially sparking broader market excitement.

As of the latest data, Dogecoin’s price sits near the $0.175 range, having recovered from recent lows while building momentum for its next move.

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