DOGE News: Potential Recovery to $0.4 Signaled by Cup and Handle Pattern

A technical analysis by an analyst on TradingView has revealed an interesting development in the Dogecoin (DOGE) market. Despite recent declines, the analyst suggests that Dogecoin is forming a cup and handle pattern, which could signal a potential recovery in its price towards $0.4.

Dogecoin Cup And Handle Pattern Signals Recovery To $0.4

An analyst on TradingView presented a technical outlook suggesting that Dogecoin is still forming the cup phase of a cup and handle pattern, contrary to market sentiment. This pattern has been developing for nearly four years since Dogecoin’s 2021 peak, and the setup indicates that the Dogecoin price is poised to recover towards $0.4.

Dogecoin (DOGE) Faces Market Correction—Will Buyers Step Back In?

Dogecoin (DOGE) started a fresh decline from the $0.2050 zone against the US Dollar. The cryptocurrency dipped below the $0.1980 and $0.1920 support levels. Currently, DOGE is trading above the $0.180 level and the 100-hourly simple moving average. There was a break below a connecting bullish trend line with support at $0.1950 on the hourly chart. The price could gain bullish momentum if it clears the $0.1940 and $0.1980 resistance levels. Dogecoin’s decline comes after it failed to clear the $0.2050 resistance, similar to Bitcoin (BTC) and Ethereum (ETH).

Dogecoin Price Prediction and Market Update

Dogecoin maintains its popularity through meme culture and social support, with speculations about it hitting $1 as early as May. However, a new $0.07 altcoin is seen as a potential competitor capable of providing swift and cost-effective, transparent money transfers through crypto-fiat payment integration. Elon Musk’s recent support for Dogecoin with a Ghibli-style illustration also contributed to its rise. Time will tell if Dogecoin can maintain its climb or if RTX will reshape the future of crypto markets.