Dogecoin Forms Potential Double Bottom Pattern Indicating Possible Breakout
Crypto Sat has analyzed Dogecoin, indicating potential accumulation after a correction. The 2-hour chart suggests a double bottom pattern, which may lead to an upward movement if confirmed.
Key Insights
- First bottom established around $0.170; buyers defended this zone.
- Second test shows a higher low structure, indicating reduced bearish pressure.
- Neckline resistance is between $0.198 and $0.200; a breakout here would confirm market sentiment shift.
- Rising volume on the second bottom signals increased buyer conviction.
- Monitoring the resistance zone at $0.200; a strong breakout could lead to targets of $0.220 and $0.230.
- If DOGE fails to break the neckline, support at $0.165 is critical; maintaining above it keeps the bullish pattern alive.
Crypto Sat advises traders to remain patient and let the neckline determine the next significant move for DOGE.
