DOGE News: Potential Cup and Handle Pattern Signals $4 Price Target

Cryptocurrency investors are keeping a close eye on Dogecoin (DOGE) as it appears to be forming a cup and handle pattern on its weekly chart, hinting at a possible surge in price. Here’s a closer look at the developments and what they could mean for DOGE’s future.

Dogecoin Forms Cup and Handle Pattern with $4 Target

Dogecoin (DOGE) is potentially forming a cup and handle pattern on the weekly chart. Crypto analyst David (@david_dogecoin) suggests that if confirmed, Dogecoin could reach a price target of $4. The cup stage of this pattern began forming when Dogecoin declined from its May 2021 all-time high at $0.74, followed by an extended consolidation period in the $0.05–$0.06 range. The curvature of the price action indicates a shift in market sentiment, where selling pressure was absorbed by buyers. Dogecoin has started to recover from this bottom, pushing towards its December 2024 high at $0.48.

Trump Signs Executive Order to Slash Federal Agencies

On Friday, President Donald Trump signed an executive order to dismantle eight federal agencies, aiming to reduce government spending. According to a White House fact sheet, the president’s action eliminates non-statutory functions and reduces others considered “unnecessary” for these entities. Mass firings across multiple federal agencies have characterized the first months of President Trump’s second term.

Dogecoin Price Registers Deviation From Macro Channel, Analyst Sets $6 Target

Dogecoin has faced continued selling pressure, losing the $0.17 support level in the past 24 hours. This price decline comes amid broader market decline. Despite this setback, a new technical analysis from Trader Tardigrade shows that Doge remains within a historically significant macro channel. If the price holds within this range, it could indicate that the bottom has already formed, setting the stage for a significant breakout in the coming months.