Key takeaways:
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DOGE price previously rallied 340% from a bullish cross that’s again in play.
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A double bottom breakout hints at a Dogecoin price rally to $0.48.
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Bullish analysts expect breakouts toward $0.50–$1.
Dogecoin’s (DOGE) moving average convergence divergence (MACD) indicator flashed a bullish signal in late 2024, before DOGE’s price rose by over 330% within a few weeks.
A similar fractal is now playing out in July, raising the probability of a breakout in the coming days or weeks.
Past DOGE rallies were between 270% and 340%
The MACD indicator, or Moving Average Convergence Divergence, is a popular momentum indicator used in technical analysis that helps traders identify the strength, direction, and duration of a trend of an asset’s price.
The indicator has produced a “bullish cross” on the weekly chart, as shown in the figure below.
Related: Price predictions 7/22: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE
Previous instances show that DOGE tends to rise sharply when the MACD line (blue) crosses above the signal line (orange). The memecoin’s gains have come 273% in Q4/2023 and 343% in Q4/2024.
“$DOGE weekly MACD bullish cross has happened,” said popular analyst Cas Abbé in an X post on Wednesday, adding:
“So far, DOGE has pumped 30% after the golden cross, which means bigger moves are yet to come.”
“The previous time it happened, the price went nuts,” said fellow analyst Mikybull Crypto.
DOGE’s chart structure implies a higher probability of upside once a decisive breakout happens above key levels.
DOGE price must establish key support
A double-bottom pattern on the chart after DOGE’s breakout from a multimonth downtrend points to a strengthening bullish outlook, with the upside targets sitting around $0.478, or 90% from the current price levels.
Analyst CipherX is optimistic of much higher gains ahead, citing strong support from the fair gap value (FGV) around $0.20 and $0.22.
“After sweeping the lower FVG, DOGE price reclaimed support and is now pushing up aggressively,” the analyst said in an X post on Wednesday.
CipherX was referring to the FVG formed during DOGE’s vertical move earlier last week.
Historically, such a gap formed during an uptrend can act as a support level if the price retraces back to it.
The analyst projects a rise toward $0.48-$0.50 if the support holds.
“The main…
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