Analyst: DOGE forms a classic "double bottom" pattern, targeting a price of 0.42 USD.

DOGE has risen nearly 7% in a single day, with a current price of $0.27 reported in the Asian early session on the 21st. Its double-digit growth performance over the past week has kept it at the center of attention among alts, especially as the market capitalization of Crypto Assets approaches $4 trillion.

Famous crypto assets analyst Ali Martinez believes that the price structure of DOGE has formed a classic double bottom pattern—this pattern historically signals a potential upward reversal.

"Recently rising to $0.24, forming a 'W' shape on the chart," Martinez pointed out, indicating that if a breakout above the $0.25 neckline is confirmed, it could trigger a strong rebound. If confirmed, DOGE could rise to a maximum of $0.42, which means an increase of over 80% from the current level.

(Source: X)

Technical structure supports the upward trend

The characteristic of the double bottom pattern is that two low points appear between April and June, with a peak in mid-May. Currently, the pattern is approaching its key resistance level. Market participants are closely watching whether the $0.25 level can be sustained. If this level is broken with volume support, it will confirm the bullish pattern and enhance the market's confidence in higher price targets.

Daily trading volume has surged over 100%, indicating an increase in market participation. DOGE is currently trading at around $0.25, with a market capitalization rising to $34.95 billion, continuing to maintain its position as the ninth largest Crypto Assets and the largest memecoin.

(Source: Trading View)

Whale accumulation indicates institutional investor interest

With the development of technology, the whale activity of DOGE has also increased rapidly. On-chain data shows that wallets holding between 100 million to 1 billion DOGE have consumed over 1.08 billion in the past 48 hours. After the price of DOGE soared to the 0.24 USD mark, whales began to accumulate, indicating that major wallet holders are strategically increasing their holdings.

Such strong buying is often seen as a sign of rising price momentum. Historically, the accumulation by whales has been consistent with bullish trends and is believed to bring long-term gains. It is thought that most of the wallets are held by institutions or long-term investors, further supporting the bullish argument.

(Source: X)

The rising channel gives way to higher targets

Crypto Yoddha's technical analysis shows that DOGE is in an ascending parallel channel that began in early 2023. This channel is characterized by higher highs and higher lows, reflecting a bullish market structure. The recent bounce around $0.15 confirmed this support channel, while the increase in volume and the bullish weekly chart reinforced confidence in the rising trend.

If DOGE stays within this channel, its upper boundary suggests room for a rise to $0.80. Maintaining the support level of the channel's midpoint is crucial for sustaining the current upward trend.

Can DOGE reach 1 dollar?

The possibility of DOGE breaking through the symbolic barrier of 1 dollar has once again become the focus of discussion. Crypto Yoddha believes that as long as the DOGE price remains above its long-term trend line and stays within the bullish channel, it is expected to break through 1 dollar. The resistance level is around 0.30 to 0.36 dollars. If market sentiment and trading volume are good, DOGE is expected to slowly rise to 1 dollar.

Other observers hold this view as well, such as trader Tardigrade, who mentioned the recent four-year cycle of DOGE. According to him, DOGE has followed a pattern of consolidation over several years, followed by explosive rises every year—2017, 2021, and possibly again in 2025.

Tardigrade commented: "If history repeats itself, DOGE may be entering the early stages of a new long-term pump."

Promising Prospects and Key Levels

Due to DOGE currently being slightly below a key resistance level, the next few trading days may be crucial. If a breakout above $0.25 is confirmed, supported by volume and sustained momentum, it could potentially advance towards $0.42 in the short term. Continued accumulation by whales, positive market sentiment, and technical structure all indicate a bullish tendency.

However, if it fails to break through that level, it may lead to a retest of the lower support area between 0.13 and 0.15 dollars. Traders and investors will closely monitor whether DOGE can transition from bullish momentum to a full breakout.

With the continuous development of the Crypto Assets market, the technical strength of DOGE, the growing interest from investors, and the increasing participation of institutions are likely to determine its trajectory towards the next major psychological barrier—perhaps once again challenging the elusive $1 mark.