DOGE’s Double-Bottom: A Promising Path to $0.25!

DOGE is trading around $0.17, showcasing a slight recovery after oscillating between $0.13 and $0.25 since February. Despite this sideways action, DOGE holds its position as the 7th most actively traded cryptocurrency by 24-hour trading volume. Investors are keeping an eye on whether the memecoin can reclaim the critical psychological mark of $0.25.

The daily chart shows DOGE forming a double bottom pattern, a classic reversal indicator, with a support foundation at $0.15 established in recent weeks. This long-term configuration suggests a potential rise to $0.25, a target that may manifest sooner than anticipated.

In the last two months, DOGE has been trapped within a descending channel, a pattern signaling the possibility of an upward trend breakout. Crypto analyst Trader Tardigrade shared an analysis on X, emphasizing a decisive breakout above the 50-day trendline, followed by a successful retest and a continuation of the uptrend.

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This transformation in the shorter time frame, characterized by fresh higher lows and higher highs, indicates a potential reversal from its previous downtrend. Supporting this notion, on-chain UTXO realized price distribution data shows the largest holder cluster at $0.177, accounting for 8.94% of the supply. A solid close above this level could pave the way to the next resistance at $0.206 (7.54%) and possibly $0.36 (3.83%), igniting optimism among analysts.

Memecoins continue to surpass other sectors

Recent on-chain metrics depicted a mixed outlook. Glassnode’s post on X indicated DOGE holders facing their highest loss metrics in months, a clear sign of profit-taking or distress selling at current valuations. This points to short-term pressure, yet the memecoin narrative still holds relevance.

According to DYOR’s data, memecoins have dominated the previous 90 days with an impressive 56.67% return, outstripping broader cryptocurrency markets.

This suggests a hidden upside potential for DOGE, even if $0.25 isn’t imminent. Historical trends indicate that memecoins can experience 300%-500% increases during peak hype cycles, as observed in late 2024.

Therefore, DOGE finds itself at a pivotal juncture, with technical indicators suggesting a near-term push to $0.25 through its double bottom and trendline break. Concurrently, memecoin dynamics imply a longer-term ascent driven by retail enthusiasm. A decisive move above $0.177 could signify the next technical confirmation.

A breakout above $0.25 could occur by late 2025, particularly if Bitcoin’s subsequent surge amplifies altcoin rallies. The current loss phase may thus represent a consolidation before an excitement-fueled breakout.