Dogecoin’s chart is garnering attention once more, as the meme coin danced around the $0.20 mark on Friday, logging a solid 17% gain for the week. This resurgence comes in the wake of a late-June livestream by technical analyst Kevin, who boldly asserted that Dogecoin’s technical setup is “one of the best-looking altcoin charts out there.” With a 24-hour trading volume soaring above $2 billion, traders are eyeing the potential for Dogecoin to hit the elusive $1 mark.
Chart Patterns and Potential Breakout
In a recent one-hour session, Kevin delved into the intricacies of Dogecoin’s weekly chart, spotlighting a textbook double-bottom formation. This pattern emerged at a critical confluence of technical indicators: the 200-week simple and exponential moving averages, the 0.382 Fibonacci retracement of Dogecoin’s 2023-2025 gains, and a long-standing uptrend line originating from the depths of the 2022 bear market. “The risk-reward here is phenomenal,” Kevin explained, suggesting that the downside risk is mitigated with a tight stop just below this cluster, while the upside could potentially revisit past cycle highs. This aligns with the parabolic scenario laid out in The $1 Dogecoin Dream Is Alive: Chartist Lays Out Parabolic Scenario.
The analyst’s technical analysis doesn’t stop there. He pointed out that the Market Cipher’s money flow is curling upwards for the first time in over a year, and the MACD is on the verge of a bullish crossover from a higher low. Moreover, the stochastic RSI has started its ascent from mid-range, and the monthly chart continues to print higher highs and higher lows in relative strength. Kevin enthused, “The entire structure looks freakin’ great” for a robust move, contingent upon Bitcoin breaking through its resistance at around $116,000.
Market Sentiment and External Influences
Kevin’s optimism is tempered with a dose of realism. He highlights a purple resistance box, spanning $0.94 to $1.31—a zone derived from Dogecoin’s 2021 peak and the 1.618 Fibonacci extension of its 2022-2024 base. “I’d be pretty shocked if Dogecoin can’t at least tag 94 cents,” he remarked, emphasizing that breaking the $1 mark could lure fresh waves of retail traders and algorithmic trend-followers. This sentiment echoes the optimism seen in Ether, Dogecoin Lead Crypto Gains as Firms Signal ‘Prime’ Breakout Chance for Market.
Despite this bullish outlook, Kevin remains cautious. He underscores the importance of external macroeconomic factors, such as an end to the Federal Reserve’s quantitative tightening, which could play a pivotal role in Dogecoin’s potential rally. A cautionary note was sounded regarding recent intraday spikes coinciding with Bitcoin’s test of a major Fibonacci cluster at $116,000 and USDT dominance hitting key support levels. “Don’t be fooled by green candles,” he warned, reminding traders that meme coins are not immune to sharp downturns even in bullish markets. His advice? Practice stringent risk management by taking partial profits after significant price surges, moving stops to break-even, and “rinse and repeat.”
Beyond the technical analysis, Kevin contextualized Dogecoin within the broader retail landscape. “You can walk into any gas station and someone owns Doge,” he quipped, underscoring the coin’s enduring appeal among retail investors. Dogecoin’s status as a “retail darling” is likely to persist, especially as new investors with deeper pockets enter the scene.
The Road Ahead
As it stands, Dogecoin is holding up its end of the bargain. If the double-bottom pattern holds true and macroeconomic winds blow favorably, Kevin argues that Dogecoin could once again steal the spotlight in the next alt-season, this time potentially achieving the dollar milestone that traders previously could only joke about.
Whether Dogecoin can maintain its momentum and reach these ambitious targets remains an open question. At press time, DOGE was trading at $0.1978, a close watch on both technical indicators and macroeconomic developments will be crucial as traders navigate the volatile waters of cryptocurrency markets. As always, the future in crypto land is anything but certain, but for now, Dogecoin’s chart is capturing imaginations—and perhaps a few new believers.
Source
This article is based on: Dogecoin Chart Is ‘One Of The Best’ In Crypto—$1 Remains Likely: Analyst
Further Reading
Deepen your understanding with these related articles:
- Crypto Traders Shrug Off Dormant Bitcoin Whale Moves, With Profit-Taking on XRP, DOGE, SOL
- Dogecoin Pops 6% to Lead Majors Gains as Bitcoin Nears $110K on Fresh Rate-Cut Optimism
- Dogecoin, Solana, Ethereum Drive Crypto Markets Higher as Bitcoin Stays Flat
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
