Key takeaways:
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DOGE formed a double bottom and broke through the lower time frame trendline, signaling a possible move to $0.25.
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Memecoins have been the best-performing narrative sector over the past 90 days.
Dogecoin (DOGE) is trading near $0.17, staging a modest rebound after fluctuating between $0.13 and $0.25 since February. Despite its sideways movement, DOGE remains the 7th most traded crypto by 24-hour trading volume. Investors continue to monitor whether the memecoin can reclaim the key psychological level of $0.25.
The daily chart reveals DOGE tracing a double bottom pattern, a classic reversal signal, with a support base at $0.15 established over recent weeks. This long-term setup hints at a potential climb to $0.25, a target that could materialize sooner than expected.
Over the past two months, DOGE has been confined within a descending channel, a pattern indicating signs of a potential uptrend breakout. Crypto analyst Trader Tardigrade posted an analysis on X, highlighting a decisive move above the 50-day trendline, followed by a successful retest and an uptrend continuation.
This shift in the lower time frame, marked by new higher lows and higher highs, signals a potential trend reversal from its prior downtrend. Supporting this, onchain UTXO realized price distribution data indicates the largest holder cluster at $0.177, holding 8.94% of the supply. A strong close above this level could clear the path to the next resistance at $0.206 (7.54%) and potentially $0.36 (3.83%), fueling optimism among analysts.
Memecoins continue to outperform other sectors
Recent onchain metrics painted a mixed picture. Glassnode’s post on X revealed DOGE holders enduring their highest loss levels in months, a stark indicator of profit-taking or distress selling at current prices. This suggests short-term pressure, yet the memecoin narrative remains relevant.
According to DYOR’s data, memecoins have dominated the past 90 days with an impressive 56.67% return, outpacing broader crypto markets.
This implies a latent upside potential for DOGE, even if $0.25 isn’t immediate. Historical patterns suggest memecoins can see 300%-500% gains…
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