Dogecoin is showing signs of a price recovery, possibly heading toward $0.25 soon.
- DOGE formed a double bottom pattern, often seen as a bullish signal.
- Memecoins have led the crypto sector gains over the last 90 days.
- A break above $0.177 could trigger bigger price jumps.
DOGE Moves Past Key Trendline
Dogecoin is trading near $0.17 after bouncing from recent lows. The price had been stuck between $0.13 and $0.25 for months. Now, analysts say it may be getting ready to break out.
The daily price chart shows a double bottom pattern. This is often seen as a sign that the price might go higher. The most important support level was around $0.15, and it has held strong. Breaking above the 50-day trendline has boosted investor hopes for a return to $0.25.
Analysts Share Bullish Outlook
Crypto analyst Trader Tardigrade pointed out that DOGE has made a clean move above its trendline. He noted a rising pattern of higher lows and higher highs. This could mean the coin is on its way to recover from its earlier drop.
Much of the trading activity is now focused around $0.177. Data shows that 8.94% of the total DOGE supply is held at this price zone. If DOGE closes above this level, the next targets are $0.206 and $0.36. These levels reflect where large numbers of holders have their investments.
Memecoins Lead Market Performance
Even during recent price struggles, the memecoin sector has done well. In fact, over the past 90 days, memecoins have returned over 56% on average. This is better than most other types of crypto investments during the same time.
Glassnode also shared metrics showing many investors are selling DOGE at a loss. This could mean the price is in its last phase of a consolidation before a possible breakout. Historical data shows that during hype periods, coins like DOGE can see gains between 300% and 500%.
If the current trend holds, DOGE might reach $0.25 soon. Some experts even believe it could go higher by late 2025, especially if Bitcoin rises again and pushes other coins up with it.
Source: cointelegraph.com
