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Crypto Sat recently took to X to share a technical insight on Dogecoin, revealing that the asset is showing signs of accumulation following a sharp correction. According to the analyst, the 2-hour chart is beginning to shape a potential double bottom pattern. Should this structure be confirmed, it might signal a renewed upward push for DOGE, catching the interest of short-term traders and long-term holders.
Make-or-Break Moment For Dogecoin: The Neckline Battle Ahead
Dogecoin is currently displaying the characteristics of a double bottom formation, a classic reversal setup that could signal a shift in momentum, as noted by Crypto Sat. The first bottom was established around the $0.170 mark, following a significant price drop, where buyers initially stepped in to defend the zone.
Shortly after, DOGE made a move back down for a second test of the same support area, with a higher low structure forming, suggesting weakening bearish pressure and the emergence of early accumulation.
The key area to watch is the neckline resistance, which sits in the $0.198 to $0.200 range. Crypto Sat emphasizes that a breakout above the neckline would serve as strong technical confirmation of a shift in market sentiment. If bulls manage to push through, it might open the door for a sustained upward rally, as traders gain confidence in the reversal setup taking hold.
Here Are Key Signals To Watch
In the analysis, Crypto Sat has outlined several key signals to watch as Dogecoin’s price action tightens. One early bullish sign, he notes, is the rising volume on the second bottom, a subtle but important clue that buyers may be stepping in with growing conviction. Volume often leads price, and this uptick could mark the start of renewed upward momentum.
The crucial level to monitor is the resistance zone around $0.200. A strong breakout above this zone could trigger a technical shift, paving the way for a potential rally toward the $0.220 and $0.230 range. Such a move would confirm the double bottom formation and likely attract more bullish participation as confidence builds.
However, if price fails to break through the neckline, support around $0.165 becomes the next critical level. A bounce from that zone would keep the pattern alive, but a clean drop below it could invalidate the setup and suggest further downside risk.
Sharing his personal outlook, Crypto Sat believes DOGE may be positioning for a breakout, but cautions traders to be patient. “Let the neckline decide the next big move,” he advises, underscoring the importance of watching for confirmation before making aggressive plays.
Featured image from Pixabay, chart from Tradingview.com
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