DOGE Flashes Bullish Pattern, $0.27 Price Target in Sight

Tech

DOGE Flashes Bullish Pattern, $0.27 Price Target in Sight

• Dogecoin forms a Bullish Harami Pattern, suggesting a potential pause or reversal in the current downtrend.
• Support at $0.195 holds firm; traders eye breakout target of $0.27144 if momentum builds.
• RSI and Bollinger Bands show early momentum shifts as DOGE trades just above $0.201 level.

Dogecoin (DOGE) has shown early signs of a potential price reversal following recent technical developments. Dogecoin has recorded a 3.22% increase in the past 24 hours, with its current price standing at $0.201577.

The trading volume over the same period has reached $1.24 billion, signaling strong market activity. Technical analysis from several traders points to possible short-term price fluctuations. A recent bullish pattern has caught attention, along with critical support levels that traders are closely monitoring.

Bullish Harami Pattern Emerges on Daily Chart

Technical trader TATrader_Alan noted the formation of a Dogecoin Bullish Harami Pattern on the daily chart. The setup consists of a large bearish candle followed by a smaller bullish candle, forming what may be a signal of a pause in the downtrend. Alan explained that in crypto markets, the usual gap between candles is less relevant due to continuous trading.

TATrader noted this pattern could reflect growing uncertainty with potential for a reversal if buying pressure increases. While the pattern is commonly seen near trend bottoms, confirmation is still needed from future price action.

DOGE Key Support Holding Near $0.195

According to analyst James Bull, DOGE is hovering near a crucial support level of $0.19538. This area has held firm in recent sessions. Bull indicated that if the price stays above this level, traders might consider a long position with a target of $0.27144.

He also pointed out a defined stop-loss zone below the support level, which may help manage risk. The price staying above $0.195 could suggest stability in the short term. This level is important as a break below it might bring renewed selling pressure, while a hold could encourage buyers.

Indicators Show Signs of Momentum Shift

On the 4-hour chart, technical tools suggest a possible shift. DOGE price is slightly above the midline of the Bollinger Bands, showing a balance between buyers and sellers. The Relative Strength Index (RSI) has moved up from oversold levels and now stands at 42.53.

This movement suggests that bearish momentum may be slowing. However, it does not confirm an uptrend yet. A stronger push above resistance would be needed to support further gains.

With the current price around $0.201, the market is waiting to see if DOGE can maintain strength above support. Traders are advised to monitor the price movement near $0.195 closely. Any breakdown below that could change the outlook quickly.