Dogecoin Cup And Handle Taking Shape – Big Move Incoming?

The price of Dogecoin has fallen more than -57% compared to its high on December 8 at $ 0.4843, but a bottom can be close by. Shared in a technical analysis on X, Rose Premium signals (@viprosetr) highlights A potential bullish setup for dogecoin (doge), fed by a classic “cup & handle” pattern.

Dogecoin Cup and Handle could come forward

According to the graph, the doge price can get a last leg down before it will find its layer near the $ 0.16896 support zone. This level marks the basis of a possible cup & handle pattern – a formation characterized by a rounded “cup” followed by a smaller consolidation or “handle”. Technically, the cup phase reflects the market’s effort to find a soil, while the handle phase often takes shape as a short withdrawal or lateral movement before a potential outbreak.

The crucial zone for the next move from Doge seems to be almost $ 0.29124. If the price exceeds this threshold, this would probably confirm the cup & handle formation and it could activate a robust upward swing. The graph suggests that traders can interpret a decisive daily or weekly closure above $ 0.29124 as a confirmation signal, possibly in Bullish Momentum.

Related lecture

“Doge shows a strong bullish potential when approaching an important reversal zone. Price has achieved the support of $ 0.16896, tailored to a potential cup & handle formation. A breakout above $ 0.29124 could confirm a rally to new highlights, “writes Rose Premium Signals via X.

In terms of upward objectives, Rose Premium signals indicate that doge could climb to the range of $ 0.50 – $ 0.60 if the cup & hand hand pattern takes place as expected. This goal corresponds to historical zones of increased trading activity and psychological levels that often attract the attention of the traders. The analysis also points to potential for further upwards, so that the Dogecoin process can indicate $ 0.60 if the positive sentiment is intensive.

“Long-term target is almost $ 0.50- $ 0.60, with potential for further upwards. If the momentum continues, Dogecoin could recover his coin throne and push them to higher levels, “say the analysts.

Related lecture

This comment underlines the capacity of Doge to recover his status between Topmeme coins. While the recent Memecoin Mania has flooded the market with thousands of smaller tokens, which means that the original memecoin, Dogecoin, is abandoned, the landscape can shift. After the eruption of the Memecoin -bubble – who reached a peak with Trump, Melania and Libra – the focus could quickly return to Doge because traders seek more established assets in space.

From a technical perspective, a decisive outbreak with a sustainable momentum could restore both shops and institutional interests, propel Doge to higher resistance levels and confirm the potential cup and handle pattern.

At the time of the press, Doge acted at $ 0.207

Featured image made with dall.e, graph of tradingview.com