- Dogecoin is showing strong bullish signs with a classic cup-shaped recovery, aiming for a breakout above $0.1850.
- Analysts believe it could rally toward $1 soon if key support levels hold.
Dogecoin (DOGE) is back in the spotlight with bulls charging ahead, and a classic cup-shaped recovery hinting at a potential breakout that could send the memecoin soaring toward the elusive $1 mark.
After dipping to around $0.1524, Dogecoin is showing signs of strength, bouncing back with a textbook cup-shaped recovery — a bullish chart pattern often associated with long-term rallies. Crypto analyst BitGuru has identified this formation and believes DOGE is poised for another leg up, provided it holds key support at $0.1666. A successful consolidation here could catapult the token above the near-term resistance at $0.1850.
Also read: XRP Price Prediction: Bulls Target 25% Breakout Amid Rising Bearish Pressure
“If the price holds this level, we’re likely heading toward a fresh breakout,” said BitGuru on X. Though he didn’t specify a timeline, the sentiment across the DOGE community is buzzing with optimism.
And the numbers are adding fuel to that fire.
In the past week, Dogecoin has climbed nearly 20%, while daily gains hover around 4%. Despite a 30-day dip of over 5%, recent price action is working to erase those losses and re-establish bullish momentum. Open Interest in DOGE futures has jumped over 5% in a day, reaching $1.98 billion — a strong signal of increasing investor appetite.
Analyst Master Kenobi is even more bullish, suggesting DOGE could hit $0.90 within 55 days, provided it breaks a looming trendline. His prediction puts mid-June as a critical juncture for the coin’s trajectory.
Still, all eyes are on fundamentals. Concerns loom around Elon Musk’s future involvement with DOGE, which historically has influenced sentiment and price. Yet, with strong on-chain data and market enthusiasm, DOGE seems ready to bark again.
Will it be enough to finally break the $1 barrier? The next few weeks could be crucial. For now, DOGE fans are watching closely as the memecoin sips from its bullish cup and prepares for a potentially explosive breakout.